Barnwell Industries (NYSE:BRN) Shares Down 1.9% – What’s Next?

Barnwell Industries, Inc. (NYSE:BRN) was down 1.9% during mid-day trading on Tuesday . The stock traded as low as $1.03 and last traded at $1.03. Approximately 23,596 shares changed hands during trading, a decline of 95% from the average daily volume of 509,323 shares. The stock had previously closed at $1.05.

Barnwell Industries Stock Down 1.9%

The company has a 50 day simple moving average of $1.10 and a 200-day simple moving average of $1.11. The stock has a market cap of $14.83 million, a price-to-earnings ratio of -1.51 and a beta of -0.04.

Institutional Trading of Barnwell Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. JCP Investment Management LLC acquired a new stake in shares of Barnwell Industries during the 1st quarter worth approximately $442,000. Renaissance Technologies LLC raised its position in shares of Barnwell Industries by 9.4% during the 1st quarter. Renaissance Technologies LLC now owns 323,713 shares of the company’s stock worth $350,000 after purchasing an additional 27,726 shares during the period. Aspen Grove Capital LLC raised its position in shares of Barnwell Industries by 206.9% during the 1st quarter. Aspen Grove Capital LLC now owns 79,806 shares of the company’s stock worth $86,000 after purchasing an additional 53,806 shares during the period. Finally, DRW Securities LLC acquired a new stake in shares of Barnwell Industries during the 4th quarter worth approximately $37,000. 40.71% of the stock is currently owned by institutional investors and hedge funds.

Barnwell Industries Company Profile

Barnwell Industries, Inc (NYSE: BRN) is an independent energy company headquartered in Houston, Texas. The company specializes in the acquisition, development and operation of onshore oil and natural gas properties. Its strategy centers on purchasing and managing producing assets that offer stable, cash‐flow characteristics in mature U.S. resource plays.

Barnwell’s core activities include the identification and evaluation of undervalued or under-drilled leases, followed by the implementation of low-cost development programs to enhance production.