PrimeEnergy (NASDAQ:PNRG) Shares Cross Above 200 Day Moving Average – Should You Sell?

Shares of PrimeEnergy Corporation (NASDAQ:PNRG) crossed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $206.26 and traded as high as $208.58. PrimeEnergy shares last traded at $204.66, with a volume of 30,765 shares.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of PrimeEnergy in a research note on Monday, September 21st. Freedom Capital upgraded PrimeEnergy from a “strong sell” rating to a “hold” rating in a research note on Monday, August 17th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, PrimeEnergy has a consensus rating of “Hold”.

PrimeEnergy Stock Up 1.6%

The company’s 50-day moving average is $203.47 and its 200 day moving average is $206.26. The company has a market cap of $323.36 million, a price-to-earnings ratio of 19.72 and a beta of -0.18.

PrimeEnergy (NASDAQ:PNRG) last issued its quarterly earnings results on Friday, August 14th. The oil and natural gas company reported $2.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.90 by ($3.15). The business had revenue of $50.40 million for the quarter, compared to analysts’ expectations of $50.40 million. PrimeEnergy had a return on equity of 11.47% and a net margin of 13.87%.

Insider Transactions at PrimeEnergy

In other PrimeEnergy news, Director Clint Hurt sold 1,800 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $221.52, for a total transaction of $398,736.00. Following the completion of the sale, the director directly owned 79,937 shares in the company, valued at approximately $17,707,644.24. The trade was a 2.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 11,800 shares of company stock valued at $2,425,188. Insiders own 65.28% of the company’s stock.

Institutional Investors Weigh In On PrimeEnergy

Hedge funds have recently modified their holdings of the business. First Trust Advisors LP boosted its stake in shares of PrimeEnergy by 679.3% in the first quarter. First Trust Advisors LP now owns 16,584 shares of the oil and natural gas company’s stock valued at $3,862,000 after purchasing an additional 14,456 shares during the period. Dimensional Fund Advisors LP lifted its stake in PrimeEnergy by 9.6% during the first quarter. Dimensional Fund Advisors LP now owns 78,872 shares of the oil and natural gas company’s stock worth $18,366,000 after purchasing an additional 6,902 shares during the last quarter. Mangrove Partners IM LLC purchased a new position in shares of PrimeEnergy in the 4th quarter valued at $735,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of PrimeEnergy by 16.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 19,027 shares of the oil and natural gas company’s stock worth $4,430,000 after purchasing an additional 2,741 shares during the last quarter. Finally, Bank of America Corp DE increased its position in PrimeEnergy by 80.1% during the first quarter. Bank of America Corp DE now owns 4,494 shares of the oil and natural gas company’s stock worth $1,046,000 after buying an additional 1,999 shares during the period.

About PrimeEnergy

PrimeEnergy Corporation (NASDAQ: PNRG) is an independent oil and natural gas company engaged in the acquisition, development, and production of domestic oil and natural gas properties. The company operates through its wholly owned subsidiary, PrimeEnergy Resources Corporation.

PrimeEnergy’s activities include drilling and completing wells, operating producing properties, and managing interests in oil and natural gas assets. Its portfolio has included properties in several U.S. producing regions, with a primary focus on conventional and development opportunities in the Appalachian Basin.

The company is headquartered in Houston, Texas, and focuses on operating and expanding its portfolio of onshore energy assets in the United States.