PrimeEnergy Corporation (NASDAQ:PNRG) Short Interest Up 22.8% in December

PrimeEnergy Corporation (NASDAQ:PNRG) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totaling 59,327 shares, a growth of 22.8% from the December 15th total of 48,325 shares. Based on an average trading volume of 58,442 shares, the days-to-cover ratio is presently 1.0 days. Currently, 9.7% of the company’s stock are sold short. Currently, 9.7% of the company’s stock are sold short. Based on an average trading volume of 58,442 shares, the days-to-cover ratio is presently 1.0 days.

Insider Buying and Selling at PrimeEnergy

In related news, Director Clint Hurt sold 1,285 shares of PrimeEnergy stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $190.07, for a total transaction of $244,239.95. Following the completion of the sale, the director owned 115,763 shares of the company’s stock, valued at approximately $22,003,073.41. This trade represents a 1.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Rothschild Robert De sold 8,700 shares of the business’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $182.85, for a total value of $1,590,795.00. Following the completion of the transaction, the insider owned 222,057 shares in the company, valued at $40,603,122.45. This trade represents a 3.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 18,700 shares of company stock valued at $3,492,331. 62.77% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Millennium Management LLC grew its stake in shares of PrimeEnergy by 143.1% in the third 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 during the last quarter. JPMorgan Chase & Co. boosted its holdings in PrimeEnergy by 6,756.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,210 shares of the oil and natural gas company’s stock valued at $2,875,000 after purchasing an additional 16,959 shares during the period. Qube Research & Technologies Ltd bought a new stake in PrimeEnergy in the 2nd quarter valued at $1,894,000. Vanguard Group Inc. grew its position in PrimeEnergy by 60.5% in the 3rd quarter. Vanguard Group Inc. now owns 25,258 shares of the oil and natural gas company’s stock worth $4,219,000 after purchasing an additional 9,522 shares during the last quarter. Finally, Marex Group plc bought a new position in shares of PrimeEnergy during the 2nd quarter worth about $1,317,000.

PrimeEnergy Price Performance

NASDAQ:PNRG traded up $1.10 during midday trading on Tuesday, reaching $170.40. The stock had a trading volume of 32,556 shares, compared to its average volume of 60,176. PrimeEnergy has a 1-year low of $126.40 and a 1-year high of $239.87. The firm’s fifty day simple moving average is $170.13 and its 200-day simple moving average is $162.90. The stock has a market capitalization of $277.75 million, a P/E ratio of 16.36 and a beta of 0.01.

PrimeEnergy (NASDAQ:PNRG) last issued its quarterly earnings results on Wednesday, November 19th. The oil and natural gas company reported $4.38 earnings per share (EPS) for the quarter. PrimeEnergy had a return on equity of 12.19% and a net margin of 12.69%.The company had revenue of $44.66 million for the quarter.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a research report on Monday, December 29th. Wall Street Zen raised shares of PrimeEnergy from a “sell” rating to a “hold” rating in a research report on Saturday, November 22nd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold”.

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.