PrimeEnergy (NASDAQ:PNRG) Stock Passes Above 200-Day Moving Average – Time to Sell?

PrimeEnergy Corporation (NASDAQ:PNRG)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $172.58 and traded as high as $221.44. PrimeEnergy shares last traded at $219.32, with a volume of 34,626 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

PrimeEnergy Price Performance

The business’s 50 day simple moving average is $191.44 and its 200 day simple moving average is $173.44. The company has a market capitalization of $364.27 million, a price-to-earnings ratio of 21.39 and a beta of -0.08.

Insider Activity at PrimeEnergy

In other PrimeEnergy news, Director Clint Hurt sold 8,936 shares of PrimeEnergy stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $191.58, for a total value of $1,711,958.88. Following the transaction, the director directly owned 105,763 shares in the company, valued at approximately $20,262,075.54. This trade represents a 7.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Rothschild Robert De sold 1,149 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $186.75, for a total value of $214,575.75. Following the completion of the transaction, the insider directly owned 200,757 shares in the company, valued at approximately $37,491,369.75. The trade was a 0.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 40,000 shares of company stock valued at $7,427,626. 62.77% of the stock is owned by company insiders.

Hedge Funds Weigh In On PrimeEnergy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming increased its stake in PrimeEnergy by 78.7% in the 4th 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 during the period. Quarry LP acquired a new stake in shares of PrimeEnergy in the 3rd quarter worth $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of PrimeEnergy in the third quarter valued at about $44,000. Flagship Harbor Advisors LLC acquired a new position in shares of PrimeEnergy during the fourth quarter worth about $52,000. Finally, CWM LLC increased its stake in shares of PrimeEnergy by 673.6% during the third quarter. CWM LLC now owns 410 shares of the oil and natural gas company’s stock worth $68,000 after acquiring an additional 357 shares during the period.

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.