Short Interest in PrimeEnergy Corporation (NASDAQ:PNRG) Expands By 60.2%

PrimeEnergy Corporation (NASDAQ:PNRG) saw a large increase in short interest in the month of May. As of May 29th, there was short interest totaling 81,558 shares, an increase of 60.2% from the May 14th total of 50,912 shares. Approximately 14.5% of the shares of the company are sold short. Based on an average daily volume of 65,731 shares, the days-to-cover ratio is presently 1.2 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PNRG shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a report on Friday, March 27th. Freedom Capital cut shares of PrimeEnergy from a “hold” rating to a “strong sell” rating in a report on Thursday, May 28th. Finally, Wall Street Zen cut shares of PrimeEnergy from a “buy” rating to a “hold” rating in a report on Sunday, May 31st. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

Insider Transactions at PrimeEnergy

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PNRG. State of Wyoming grew 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 last quarter. Quarry LP acquired a new position in shares of PrimeEnergy during the 3rd quarter worth approximately $38,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of PrimeEnergy during the 3rd quarter worth approximately $44,000. Flagship Harbor Advisors LLC acquired a new position in shares of PrimeEnergy during the 4th quarter worth approximately $52,000. Finally, Tower Research Capital LLC TRC grew its position in shares of PrimeEnergy by 571.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 477 shares of the oil and natural gas company’s stock worth $70,000 after purchasing an additional 406 shares in the last quarter.

PrimeEnergy Stock Performance

PNRG traded down $3.81 on Tuesday, reaching $174.29. The company had a trading volume of 2,863 shares, compared to its average volume of 59,117. PrimeEnergy has a fifty-two week low of $126.40 and a fifty-two week high of $278.90. The stock has a market cap of $282.34 million, a P/E ratio of 19.61 and a beta of -0.24. The company’s fifty day moving average is $219.60 and its 200 day moving average is $199.49.

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

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.