PrimeEnergy (NASDAQ:PNRG) Raised to Hold at Freedom Capital

PrimeEnergy (NASDAQ:PNRG) was upgraded by analysts at Freedom Capital from a “strong sell” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

A number of other brokerages have also commented on PNRG. Weiss Ratings reiterated a “hold (c)” rating on shares of PrimeEnergy in a research note on Wednesday, June 24th. Wall Street Zen cut shares of PrimeEnergy from a “buy” rating to a “hold” rating in a report on Sunday, May 31st. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.

PrimeEnergy Price Performance

PrimeEnergy stock opened at $212.71 on Monday. PrimeEnergy has a one year low of $126.40 and a one year high of $278.90. The business’s fifty day moving average is $184.00 and its 200 day moving average is $201.93. The stock has a market capitalization of $344.59 million, a PE ratio of 20.49 and a beta of -0.27.

PrimeEnergy (NASDAQ:PNRG) last issued its earnings results on Friday, August 14th. The oil and natural gas company reported $2.75 earnings per share for the quarter, missing analysts’ consensus estimates of $5.90 by ($3.15). The business had revenue of $50.40 million during the quarter, compared to analysts’ expectations of $50.40 million. PrimeEnergy had a return on equity of 11.51% and a net margin of 13.87%.

Institutional Investors Weigh In On PrimeEnergy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Wyoming lifted its holdings in PrimeEnergy by 78.7% during the fourth quarter. State of Wyoming now owns 168 shares of the oil and natural gas company’s stock valued at $29,000 after purchasing an additional 74 shares in the last quarter. Quarry LP purchased a new stake in shares of PrimeEnergy in the third quarter worth $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of PrimeEnergy in the third quarter worth $44,000. Tower Research Capital LLC TRC increased its stake in shares of PrimeEnergy by 571.8% in the second 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. Finally, Wells Fargo & Company MN raised its position in shares of PrimeEnergy by 74.8% during the 4th quarter. Wells Fargo & Company MN now owns 479 shares of the oil and natural gas company’s stock valued at $82,000 after purchasing an additional 205 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.