PrimeEnergy (NASDAQ:PNRG) Posts Quarterly Earnings Results, Misses Estimates By $6.75 EPS

PrimeEnergy (NASDAQ:PNRG) announced its quarterly earnings results on Wednesday. The oil and natural gas company reported $1.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.57 by ($6.75), Zacks reports. The firm had revenue of $55.00 million for the quarter, compared to analysts’ expectations of $55.00 million. PrimeEnergy had a return on equity of 10.17% and a net margin of 12.06%.

PrimeEnergy Price Performance

Shares of PNRG opened at $247.51 on Friday. The stock has a market cap of $400.97 million, a PE ratio of 27.71 and a beta of -0.15. PrimeEnergy has a 1-year low of $126.40 and a 1-year high of $278.90. The firm has a 50-day simple moving average of $227.33 and a two-hundred day simple moving average of $192.84.

Insider Buying and Selling

In other news, major shareholder Rothschild Robert De sold 13,274 shares of PrimeEnergy stock in a transaction on Monday, April 27th. The shares were sold at an average price of $231.60, for a total transaction of $3,074,258.40. Following the completion of the sale, the insider directly owned 187,483 shares of the company’s stock, valued at approximately $43,421,062.80. The trade was a 6.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Clint Hurt sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $230.92, for a total value of $2,309,200.00. Following the sale, the director 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 SEC filing for this sale provides additional information. Insiders sold 25,274 shares of company stock valued at $5,824,338 in the last quarter. 65.28% of the stock is owned by insiders.

Hedge Funds Weigh In On PrimeEnergy

Large investors have recently bought and sold shares of the company. State of Wyoming boosted 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 in the last quarter. Quarry LP acquired a new position in shares of PrimeEnergy during the 3rd quarter worth $38,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of PrimeEnergy in the 3rd quarter valued at about $44,000. Tower Research Capital LLC TRC lifted its stake in shares of PrimeEnergy by 571.8% in the second quarter. Tower Research Capital LLC TRC now owns 477 shares of the oil and natural gas company’s stock valued at $70,000 after purchasing an additional 406 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in PrimeEnergy by 74.8% during the fourth quarter. Wells Fargo & Company MN now owns 479 shares of the oil and natural gas company’s stock worth $82,000 after buying an additional 205 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a research report on Friday, March 27th. Wall Street Zen downgraded PrimeEnergy from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

About PrimeEnergy

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.