PrimeEnergy Corporation (NASDAQ:PNRG) Sees Large Drop in Short Interest

PrimeEnergy Corporation (NASDAQ:PNRG) was the recipient of a significant decrease in short interest in the month of December. As of December 15th, there was short interest totaling 48,325 shares, a decrease of 34.8% from the November 30th total of 74,139 shares. Based on an average trading volume of 44,619 shares, the short-interest ratio is presently 1.1 days. Approximately 7.9% of the shares of the stock are short sold. Approximately 7.9% of the shares of the stock are short sold. Based on an average trading volume of 44,619 shares, the short-interest ratio is presently 1.1 days.

PrimeEnergy Stock Performance

NASDAQ:PNRG traded up $2.29 during trading hours on Monday, reaching $177.93. The stock had a trading volume of 32,274 shares, compared to its average volume of 63,501. The stock has a market cap of $290.03 million, a P/E ratio of 17.03 and a beta of -0.08. The stock has a 50 day simple moving average of $160.28 and a 200 day simple moving average of $160.16. PrimeEnergy has a 12-month low of $126.40 and a 12-month high of $243.49.

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

Insider Activity

In other news, Director Clint Hurt sold 5,000 shares of PrimeEnergy stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $190.20, for a total value of $951,000.00. Following the completion of the transaction, the director owned 120,763 shares in the company, valued at approximately $22,969,122.60. The trade was a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 10,000 shares of company stock worth $1,901,536 over the last three months. 62.77% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PNRG. Millennium Management LLC grew its stake in PrimeEnergy by 143.1% during the third quarter. Millennium Management LLC now owns 52,180 shares of the oil and natural gas company’s stock valued at $8,716,000 after acquiring an additional 30,718 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in PrimeEnergy by 6,756.6% in the third quarter. JPMorgan Chase & Co. now owns 17,210 shares of the oil and natural gas company’s stock valued at $2,875,000 after acquiring an additional 16,959 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in PrimeEnergy in the second quarter worth about $1,894,000. Vanguard Group Inc. lifted 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 valued at $4,219,000 after acquiring an additional 9,522 shares in the last quarter. Finally, Marex Group plc purchased a new position in shares of PrimeEnergy during the 2nd quarter worth $1,317,000.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of PrimeEnergy in a research note on Monday, December 22nd. Wall Street Zen upgraded PrimeEnergy from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, 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.