PrimeEnergy (NASDAQ:PNRG) Issues Quarterly Earnings Results

PrimeEnergy (NASDAQ:PNRG) announced its earnings results on Wednesday. The oil and natural gas company reported $4.38 earnings per share (EPS) for the quarter, Zacks reports. PrimeEnergy had a return on equity of 17.98% and a net margin of 16.54%.

PrimeEnergy Stock Down 1.5%

PrimeEnergy stock opened at $142.40 on Thursday. The firm has a market capitalization of $234.82 million, a P/E ratio of 9.58 and a beta of 0.09. The stock’s fifty day simple moving average is $155.08 and its 200-day simple moving average is $160.28. PrimeEnergy has a twelve month low of $126.40 and a twelve month high of $243.49. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.06.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of PrimeEnergy in a research note on Wednesday, October 8th. Wall Street Zen cut PrimeEnergy from a “hold” rating to a “sell” rating in a report on Friday, August 22nd. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

Hedge Funds Weigh In On PrimeEnergy

Several hedge funds and other institutional investors have recently made changes to their positions in PNRG. Dimensional Fund Advisors LP increased its stake in shares of PrimeEnergy by 8.3% during the third quarter. Dimensional Fund Advisors LP now owns 65,483 shares of the oil and natural gas company’s stock worth $10,936,000 after buying an additional 4,994 shares during the period. Millennium Management LLC grew its holdings in PrimeEnergy by 143.1% during the 3rd 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 in the last quarter. Vanguard Group Inc. grew its holdings in PrimeEnergy by 60.5% during 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 acquiring an additional 9,522 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of 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 last quarter. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of PrimeEnergy by 16.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 16,719 shares of the oil and natural gas company’s stock valued at $2,447,000 after purchasing an additional 2,374 shares in the last quarter.

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.