PrimeEnergy Corporation (NASDAQ:PNRG) Sees Significant Increase in Short Interest

PrimeEnergy Corporation (NASDAQ:PNRG) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totaling 59,327 shares, an increase of 22.8% from the December 15th total of 48,325 shares. Based on an average trading volume of 58,442 shares, the short-interest ratio is presently 1.0 days. Approximately 9.7% of the shares of the company are short sold. Approximately 9.7% of the shares of the company are short sold. Based on an average trading volume of 58,442 shares, the short-interest ratio is presently 1.0 days.

PrimeEnergy Trading Down 1.2%

NASDAQ:PNRG traded down $2.00 during midday trading on Monday, hitting $169.30. 31,106 shares of the stock were exchanged, compared to its average volume of 60,467. PrimeEnergy has a one year low of $126.40 and a one year high of $239.87. The company has a market capitalization of $275.96 million, a price-to-earnings ratio of 16.20 and a beta of 0.01. The business has a 50-day moving average price of $169.61 and a two-hundred day moving average price of $162.78.

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

Insider Buying and Selling

In other news, Director Clint Hurt sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $190.20, for a total transaction of $951,000.00. Following the completion of the transaction, the director directly owned 120,763 shares of the company’s stock, valued at approximately $22,969,122.60. This represents a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Rothschild Robert De sold 8,700 shares of the firm’s stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $182.85, for a total value of $1,590,795.00. Following the completion of the sale, the insider directly owned 222,057 shares in the company, valued at approximately $40,603,122.45. This trade represents a 3.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 18,700 shares of company stock valued at $3,492,331. 62.77% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PrimeEnergy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new position in shares of PrimeEnergy in the third quarter valued at approximately $38,000. Caitong International Asset Management Co. Ltd bought a new position in PrimeEnergy in the 3rd quarter worth $44,000. CWM LLC lifted its position in PrimeEnergy by 673.6% during the 3rd quarter. CWM LLC now owns 410 shares of the oil and natural gas company’s stock worth $68,000 after acquiring an additional 357 shares during the last quarter. State of Wyoming grew its position in shares of PrimeEnergy by 62.7% in the second quarter. State of Wyoming now owns 423 shares of the oil and natural gas company’s stock valued at $62,000 after purchasing an additional 163 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position 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 valued at $70,000 after purchasing an additional 406 shares during the last quarter.

Analysts Set New Price Targets

A number of research analysts have issued reports on PNRG shares. Wall Street Zen raised shares of PrimeEnergy from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus 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.