PrimeEnergy (NASDAQ:PNRG) Share Price Crosses Below 200 Day Moving Average – Should You Sell?

PrimeEnergy Corporation (NASDAQ:PNRG)’s share price crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $202.93 and traded as low as $202.23. PrimeEnergy shares last traded at $202.23, with a volume of 34,658 shares.

Wall Street Analyst Weigh In

PNRG has been the topic of several analyst reports. Weiss Ratings raised PrimeEnergy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 22nd. Freedom Capital upgraded PrimeEnergy from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company presently has a consensus rating of “Hold”.

PrimeEnergy Stock Performance

The company has a market capitalization of $319.52 million, a P/E ratio of 19.48 and a beta of -0.18. The firm’s fifty day moving average is $210.94 and its 200 day moving average is $202.93.

PrimeEnergy (NASDAQ:PNRG) last posted its quarterly earnings data on Friday, August 14th. The oil and natural gas company reported $2.75 earnings per share for the quarter, missing analysts’ consensus estimates of $5.90 by ($3.15). The firm had revenue of $50.40 million during the quarter, compared to analysts’ expectations of $50.40 million. PrimeEnergy had a return on equity of 11.47% and a net margin of 13.87%.

Insider Activity at PrimeEnergy

In other news, Director Clint Hurt sold 8,007 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $201.29, for a total transaction of $1,611,729.03. Following the transaction, the director owned 81,737 shares of the company’s stock, valued at approximately $16,452,840.73. This represents a 8.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 11,800 shares of company stock worth $2,425,188 over the last quarter. Corporate insiders own 65.28% of the company’s stock.

Hedge Funds Weigh In On PrimeEnergy

A number of large investors have recently bought and sold shares of PNRG. State of Wyoming grew its position in PrimeEnergy by 151.8% in the 1st quarter. State of Wyoming now owns 423 shares of the oil and natural gas company’s stock valued at $98,000 after acquiring an additional 255 shares during the last quarter. Wedbush Securities Inc. purchased a new stake in PrimeEnergy in the third quarter worth $228,000. Walleye Capital LLC bought a new stake in shares of PrimeEnergy during the first quarter worth $421,000. Bank of America Corp DE lifted its position in shares of PrimeEnergy by 80.1% during the first quarter. Bank of America Corp DE now owns 4,494 shares of the oil and natural gas company’s stock worth $1,046,000 after purchasing an additional 1,999 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of PrimeEnergy by 1.5% during the first quarter. Janney Montgomery Scott LLC now owns 8,061 shares of the oil and natural gas company’s stock worth $1,877,000 after purchasing an additional 121 shares during the last quarter.

PrimeEnergy Company Profile

PrimeEnergy Resources Corporation (NASDAQ: PNRG) is an independent oil and natural gas company engaged in the acquisition, development, and production of crude oil and natural gas properties. Its activities include operating producing wells, developing reserves, and managing oil and gas assets.

The company focuses on onshore properties in the United States and has historically pursued opportunities in established domestic producing regions, including the Appalachian and central U.S. areas.