Insider Selling: PrimeEnergy (NASDAQ:PNRG) Director Sells $1,611,729.03 in Stock

PrimeEnergy Corporation (NASDAQ:PNRG) Director Clint Hurt sold 8,007 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $201.29, for a total value of $1,611,729.03. Following the completion of the sale, the director owned 81,737 shares of the company’s stock, valued at $16,452,840.73. The trade was a 8.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Clint Hurt also recently made the following trade(s):

• On Monday, August 24th, Clint Hurt sold 1,993 shares of PrimeEnergy stock. The shares were sold at an average price of $208.09, for a total value of $414,723.37.

PrimeEnergy Stock Down 0.4%

Shares of PrimeEnergy stock opened at $209.70 on Friday. The company has a market capitalization of $331.33 million, a price-to-earnings ratio of 20.20 and a beta of -0.27. The stock’s 50-day simple moving average is $188.62 and its 200-day simple moving average is $203.22. PrimeEnergy Corporation has a 52 week low of $126.40 and a 52 week high of $278.90.

PrimeEnergy (NASDAQ:PNRG) last released its earnings results 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 business had revenue of $50.40 million for the quarter, compared to analysts’ expectations of $50.40 million.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PNRG. Freedom Capital upgraded shares of PrimeEnergy from a “strong sell” rating to a “hold” rating in a research report on Monday, August 17th. Weiss Ratings reissued a “hold (c)” rating on shares of PrimeEnergy in a report on Wednesday, June 24th. Finally, Wall Street Zen lowered PrimeEnergy from a “buy” rating to a “hold” rating in a research report on Sunday, May 31st. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold”.

Institutional Trading of PrimeEnergy

Several hedge funds have recently made changes to their positions in the business. State of Wyoming grew its position in PrimeEnergy by 78.7% in the fourth quarter. State of Wyoming now owns 168 shares of the oil and natural gas company’s stock worth $29,000 after acquiring an additional 74 shares in the last quarter. Quarry LP bought a new stake in PrimeEnergy during the third quarter worth approximately $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in PrimeEnergy during the third quarter valued at approximately $44,000. Tower Research Capital LLC TRC raised its position in PrimeEnergy by 571.8% during 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 period. Finally, Wells Fargo & Company MN raised its position in PrimeEnergy by 74.8% during the fourth quarter. Wells Fargo & Company MN now owns 479 shares of the oil and natural gas company’s stock valued at $82,000 after purchasing an additional 205 shares during the period.

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.