Wall Street Zen Downgrades PrimeEnergy (NASDAQ:PNRG) to Hold

PrimeEnergy (NASDAQ:PNRG) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Sunday.

A number of other equities research analysts also recently commented on the company. Weiss Ratings restated a “hold (c)” rating on shares of PrimeEnergy in a research report on Friday, March 27th. Freedom Capital downgraded PrimeEnergy from a “hold” rating to a “strong sell” rating in a research report on Thursday. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Reduce”.

PrimeEnergy Stock Down 7.0%

NASDAQ:PNRG opened at $164.62 on Friday. PrimeEnergy has a 52 week low of $126.40 and a 52 week high of $278.90. The company has a market capitalization of $266.68 million, a P/E ratio of 18.37 and a beta of -0.15. The stock’s fifty day moving average is $228.85 and its two-hundred day moving average is $196.17.

PrimeEnergy (NASDAQ:PNRG) last posted its earnings results on Thursday, April 16th. The oil and natural gas company reported $1.43 EPS for the quarter. PrimeEnergy had a return on equity of 10.10% and a net margin of 12.06%.The company had revenue of $50.06 million for the quarter.

Insider Activity

In other PrimeEnergy news, Director Clint Hurt sold 2,000 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $220.44, for a total transaction of $440,880.00. Following the sale, the director owned 91,737 shares in the company, valued at $20,222,504.28. This represents a 2.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Rothschild Robert De sold 13,274 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $231.60, for a total value of $3,074,258.40. Following the sale, the insider owned 187,483 shares in the company, valued at approximately $43,421,062.80. This trade represents a 6.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 25,274 shares of company stock worth $5,824,338. 65.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On PrimeEnergy

Several large investors have recently bought and sold shares of PNRG. BNP Paribas Financial Markets increased its holdings in PrimeEnergy by 690.7% during the 4th quarter. BNP Paribas Financial Markets now owns 36,546 shares of the oil and natural gas company’s stock worth $6,249,000 after purchasing an additional 31,924 shares during the period. Millennium Management LLC boosted its position in shares of PrimeEnergy by 143.1% during the 3rd quarter. Millennium Management LLC now owns 52,180 shares of the oil and natural gas company’s stock worth $8,716,000 after acquiring an additional 30,718 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of PrimeEnergy by 6,756.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 17,210 shares of the oil and natural gas company’s stock worth $2,875,000 after acquiring an additional 16,959 shares in the last quarter. Invesco Ltd. boosted its position in shares of PrimeEnergy by 537.6% during the 4th quarter. Invesco Ltd. now owns 19,950 shares of the oil and natural gas company’s stock worth $3,411,000 after acquiring an additional 16,821 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in shares of PrimeEnergy by 679.3% during the 1st quarter. First Trust Advisors LP now owns 16,584 shares of the oil and natural gas company’s stock worth $3,862,000 after acquiring an additional 14,456 shares in the last quarter.

PrimeEnergy Company Profile

PrimeEnergy Resources Corporation, through its subsidiaries, engages in acquisition, development, and production of oil and natural gas properties in the United States. The company owns leasehold, mineral, and royalty interests in producing and non-producing oil and gas properties; and operates approximately 534 active wells and owns non-operating interests and royalties in 952 additional wells. It also acquires producing oil and gas properties through joint ventures with industry partners; and provides contract services to third parties, including well-servicing support, site-preparation, and construction services for oil and gas drilling and reworking operations.