Barnwell Industries (NYSE:BRN) Shares Up 1.6% – Should You Buy?

Shares of Barnwell Industries, Inc. (NYSE:BRN) shot up 1.6% on Friday . The stock traded as high as $0.99 and last traded at $0.9853. Approximately 6,209 shares traded hands during trading, a decline of 98% from the average session volume of 366,813 shares. The stock had previously closed at $0.97.

Barnwell Industries Stock Up 1.6%

The stock has a market capitalization of $14.22 million, a price-to-earnings ratio of -1.45 and a beta of -0.01. The stock has a fifty day moving average of $1.01 and a 200-day moving average of $1.07.

Hedge Funds Weigh In On Barnwell Industries

Several large investors have recently bought and sold shares of BRN. JCP Investment Management LLC acquired a new stake in shares of Barnwell Industries during the first quarter worth about $442,000. Renaissance Technologies LLC boosted its position in shares of Barnwell Industries by 9.4% in the 1st quarter. Renaissance Technologies LLC now owns 323,713 shares of the company’s stock valued at $350,000 after purchasing an additional 27,726 shares during the period. Aspen Grove Capital LLC grew its stake in Barnwell Industries by 206.9% during the 1st quarter. Aspen Grove Capital LLC now owns 79,806 shares of the company’s stock worth $86,000 after buying an additional 53,806 shares during the last quarter. BlackRock Inc. purchased a new position in Barnwell Industries during the 2nd quarter worth approximately $69,000. Finally, Empowered Funds LLC acquired a new position in Barnwell Industries during the second quarter worth approximately $50,000. Institutional investors and hedge funds own 40.71% of the company’s stock.

Barnwell Industries Company Profile

Barnwell Industries, Inc (NYSE: BRN) is an independent energy company headquartered in Houston, Texas. The company specializes in the acquisition, development and operation of onshore oil and natural gas properties. Its strategy centers on purchasing and managing producing assets that offer stable, cash‐flow characteristics in mature U.S. resource plays.

Barnwell’s core activities include the identification and evaluation of undervalued or under-drilled leases, followed by the implementation of low-cost development programs to enhance production.