PrimeEnergy (NASDAQ:PNRG) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of PrimeEnergy (NASDAQ:PNRG) from a hold rating to a buy rating in a research report released on Saturday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of PrimeEnergy in a research report on Friday, March 27th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

PrimeEnergy Stock Down 2.3%

Shares of PNRG stock opened at $216.43 on Friday. PrimeEnergy has a twelve month low of $126.40 and a twelve month high of $249.50. The company has a market cap of $350.62 million, a P/E ratio of 19.93 and a beta of -0.15. The business has a fifty day simple moving average of $213.90 and a 200 day simple moving average of $183.60.

PrimeEnergy (NASDAQ:PNRG) last announced its quarterly earnings data on Thursday, April 16th. The oil and natural gas company reported $1.43 earnings per share for the quarter. PrimeEnergy had a return on equity of 12.53% and a net margin of 13.92%.The business had revenue of $50.06 million during the quarter.

Insider Activity

In other news, major shareholder Rothschild Robert De sold 13,274 shares of the 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 completion of the sale, the insider owned 187,483 shares of the company’s stock, valued at approximately $43,421,062.80. This represents a 6.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Clint Hurt sold 10,000 shares of the stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $230.92, for a total value of $2,309,200.00. Following the completion of the sale, the director directly owned 93,737 shares of the company’s stock, valued at approximately $21,645,748.04. The trade was a 9.64% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 34,423 shares of company stock valued at $7,512,174. Insiders own 62.77% of the company’s stock.

Institutional Investors Weigh In On PrimeEnergy

Several institutional investors and hedge funds have recently made changes to their positions in the stock. State of Wyoming increased its stake in shares of PrimeEnergy by 78.7% in the fourth quarter. State of Wyoming now owns 168 shares of the oil and natural gas company’s stock valued at $29,000 after buying an additional 74 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of PrimeEnergy by 1.5% in the first quarter. Janney Montgomery Scott LLC now owns 8,061 shares of the oil and natural gas company’s stock valued at $1,877,000 after buying an additional 121 shares during the period. Barclays PLC increased its stake in shares of PrimeEnergy by 33.8% in the fourth quarter. Barclays PLC now owns 637 shares of the oil and natural gas company’s stock valued at $109,000 after buying an additional 161 shares during the period. Marex Group plc increased its stake in shares of PrimeEnergy by 2.1% in the fourth quarter. Marex Group plc now owns 9,496 shares of the oil and natural gas company’s stock valued at $1,624,000 after buying an additional 196 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of PrimeEnergy by 74.8% in the fourth quarter. Wells Fargo & Company MN now owns 479 shares of the oil and natural gas company’s stock valued at $82,000 after buying an additional 205 shares during the period.

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.