PrimeEnergy (NASDAQ:PNRG) Shares Cross Above Two Hundred Day Moving Average – Time to Sell?

PrimeEnergy Corporation (NASDAQ:PNRG) shares passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $205.87 and traded as high as $217.23. PrimeEnergy shares last traded at $212.55, with a volume of 49,541 shares.

Analysts Set New Price Targets

PNRG has been the topic of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of PrimeEnergy in a report on Monday, September 21st. Freedom Capital raised PrimeEnergy from a “strong sell” rating to a “hold” rating in a report on Monday, August 17th. Two analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has a consensus rating of “Hold”.

PrimeEnergy Stock Performance

The firm’s 50-day moving average price is $208.58 and its two-hundred day moving average price is $205.61. The stock has a market cap of $326.95 million, a price-to-earnings ratio of 19.94 and a beta of -0.18.

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

Insider Buying and Selling at PrimeEnergy

In other news, Director Clint Hurt sold 1,800 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $221.52, for a total transaction of $398,736.00. Following the completion of the sale, the director owned 79,937 shares in the company, valued at $17,707,644.24. This trade represents a 2.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 11,800 shares of company stock valued at $2,425,188. Corporate insiders own 65.28% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC grew its position in PrimeEnergy by 1.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 8,061 shares of the oil and natural gas company’s stock valued at $1,877,000 after acquiring an additional 121 shares in the last quarter. State of Wyoming lifted its position in shares of PrimeEnergy by 151.8% during the first quarter. State of Wyoming now owns 423 shares of the oil and natural gas company’s stock worth $98,000 after purchasing an additional 255 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of PrimeEnergy during the first quarter worth about $421,000. Bank of America Corp DE lifted its position in shares of 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 purchasing an additional 1,999 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of PrimeEnergy by 16.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 19,027 shares of the oil and natural gas company’s stock valued at $4,430,000 after purchasing an additional 2,741 shares during the period.

PrimeEnergy Company Profile

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.