PrimeEnergy (NASDAQ:PNRG) Posts Earnings Results

PrimeEnergy (NASDAQ:PNRG) announced its earnings results on Wednesday. The oil and natural gas company reported $4.38 earnings per share (EPS) for the quarter, Zacks reports. PrimeEnergy had a return on equity of 17.98% and a net margin of 16.54%.

PrimeEnergy Stock Down 1.5%

PrimeEnergy stock traded down $2.10 during trading hours on Wednesday, hitting $142.40. The stock had a trading volume of 45,886 shares, compared to its average volume of 65,170. The stock’s 50-day moving average price is $155.49 and its 200-day moving average price is $160.40. The stock has a market capitalization of $234.82 million, a P/E ratio of 9.58 and a beta of 0.09. PrimeEnergy has a 12-month low of $126.40 and a 12-month high of $243.49. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.06.

Hedge Funds Weigh In On PrimeEnergy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its holdings in shares of PrimeEnergy by 8.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 65,483 shares of the oil and natural gas company’s stock worth $10,936,000 after purchasing an additional 4,994 shares in the last quarter. Millennium Management LLC boosted its position in shares of 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 buying an additional 30,718 shares during the last quarter. Vanguard Group Inc. increased its holdings 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 worth $4,219,000 after buying an additional 9,522 shares in the last quarter. JPMorgan Chase & Co. raised its position in PrimeEnergy by 6,756.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,210 shares of the oil and natural gas company’s stock worth $2,875,000 after buying an additional 16,959 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in 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 worth $2,447,000 after buying an additional 2,374 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PNRG. Wall Street Zen downgraded PrimeEnergy from a “hold” rating to a “sell” rating in a report on Friday, August 22nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of PrimeEnergy in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently 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.