4,298 Shares in PrimeEnergy Corporation $PNRG Acquired by Mangrove Partners IM LLC

Mangrove Partners IM LLC purchased a new position in PrimeEnergy Corporation (NASDAQ:PNRG) during the fourth quarter, HoldingsChannel reports. The fund purchased 4,298 shares of the oil and natural gas company’s stock, valued at approximately $735,000.

Other institutional investors and hedge funds have also modified their holdings of the company. State of Wyoming grew its position 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 purchasing an additional 74 shares during the period. Quarry LP purchased a new position in PrimeEnergy in the third quarter valued at about $38,000. Caitong International Asset Management Co. Ltd purchased a new position in PrimeEnergy in the third quarter valued at about $44,000. Flagship Harbor Advisors LLC purchased a new position in PrimeEnergy in the fourth quarter valued at about $52,000. Finally, Tower Research Capital LLC TRC raised its position in 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.

Insider Activity at PrimeEnergy

In other news, major shareholder Rothschild Robert De sold 13,274 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $231.60, for a total transaction of $3,074,258.40. Following the completion of the transaction, the insider directly owned 187,483 shares in the company, valued at approximately $43,421,062.80. The trade was 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 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 directly owned 93,737 shares in the company, valued at approximately $21,645,748.04. The trade was a 9.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 25,274 shares of company stock valued at $5,824,338. Insiders own 65.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wall Street Zen lowered PrimeEnergy from a “buy” rating to a “hold” rating in a research report on Sunday, May 31st. Freedom Capital lowered PrimeEnergy from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 28th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of PrimeEnergy in a report on Friday, March 27th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, PrimeEnergy presently has a consensus rating of “Reduce”.

PrimeEnergy Trading Down 0.9%

Shares of NASDAQ PNRG opened at $176.50 on Wednesday. The stock has a 50 day simple moving average of $218.45 and a 200-day simple moving average of $199.51. The company has a market cap of $285.58 million, a PE ratio of 19.70 and a beta of -0.24. PrimeEnergy Corporation has a 12-month low of $126.40 and a 12-month high of $278.90.

PrimeEnergy (NASDAQ:PNRG) last issued its quarterly earnings data on Wednesday, May 20th. The oil and natural gas company reported $1.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.57 by ($6.75). The business had revenue of $41.31 million for the quarter, compared to analyst estimates of $55.00 million. PrimeEnergy had a return on equity of 10.10% and a net margin of 12.06%.

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.