PrimeEnergy (NASDAQ:PNRG) Releases Earnings Results, Misses Expectations By $6.75 EPS

PrimeEnergy (NASDAQ:PNRG) released its quarterly earnings data on Wednesday. The oil and natural gas company reported $1.82 EPS for the quarter, missing the consensus estimate of $8.57 by ($6.75), Zacks reports. PrimeEnergy had a return on equity of 12.53% and a net margin of 13.92%.

PrimeEnergy Stock Down 2.8%

NASDAQ:PNRG opened at $264.90 on Wednesday. The stock has a market cap of $428.61 million, a P/E ratio of 24.39 and a beta of -0.15. PrimeEnergy has a twelve month low of $126.40 and a twelve month high of $278.90. The business’s 50-day moving average price is $225.53 and its two-hundred day moving average price is $191.24.

Insider Activity

In related news, major shareholder Rothschild Robert De sold 13,274 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $231.60, for a total transaction of $3,074,258.40. Following the sale, the insider directly owned 187,483 shares in the company, valued at approximately $43,421,062.80. This represents a 6.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Clint Hurt sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $220.44, for a total transaction of $440,880.00. Following the transaction, the director owned 91,737 shares of the company’s stock, valued at $20,222,504.28. This trade represents a 2.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 25,274 shares of company stock worth $5,824,338. 65.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On PrimeEnergy

Several hedge funds and other institutional investors have recently made changes to their positions in PNRG. AQR Capital Management LLC boosted its holdings in shares of PrimeEnergy by 286.2% in the 1st quarter. AQR Capital Management LLC now owns 6,897 shares of the oil and natural gas company’s stock valued at $1,572,000 after buying an additional 5,111 shares in the last quarter. Empowered Funds LLC increased its position in shares of PrimeEnergy by 6.7% during the first quarter. Empowered Funds LLC now owns 8,649 shares of the oil and natural gas company’s stock worth $1,971,000 after purchasing an additional 541 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of PrimeEnergy by 99.3% in the 2nd quarter. Rhumbline Advisers now owns 1,373 shares of the oil and natural gas company’s stock valued at $201,000 after purchasing an additional 684 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position 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 during the period. Finally, Qube Research & Technologies Ltd purchased a new position in PrimeEnergy during the 2nd quarter worth approximately $1,894,000.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNRG. Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a research report on Friday, March 27th. Wall Street Zen cut PrimeEnergy from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold”.

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.