PrimeEnergy Resources Co. (NASDAQ:PNRG) Sees Significant Increase in Short Interest

PrimeEnergy Resources Co. (NASDAQ:PNRGGet Rating) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 2,600 shares, an increase of 73.3% from the March 15th total of 1,500 shares. Approximately 0.4% of the shares of the company are sold short. Based on an average trading volume of 5,200 shares, the days-to-cover ratio is currently 0.5 days.

In related news, Director Clint Hurt sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, March 11th. The stock was sold at an average price of $82.59, for a total transaction of $165,180.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 3,171 shares of company stock valued at $259,894. 57.46% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of PNRG. Marshall Wace North America L.P. bought a new position in PrimeEnergy Resources in the 1st quarter worth approximately $26,000. JPMorgan Chase & Co. bought a new position in PrimeEnergy Resources in the 4th quarter worth approximately $27,000. Millennium Management LLC bought a new position in PrimeEnergy Resources in the 2nd quarter worth approximately $208,000. Susquehanna International Group LLP purchased a new stake in shares of PrimeEnergy Resources during the 4th quarter worth approximately $216,000. Finally, Wedbush Securities Inc. raised its holdings in shares of PrimeEnergy Resources by 59.2% during the 4th quarter. Wedbush Securities Inc. now owns 7,598 shares of the oil and natural gas company’s stock worth $533,000 after acquiring an additional 2,825 shares in the last quarter. Institutional investors and hedge funds own 11.68% of the company’s stock.

Shares of NASDAQ:PNRG remained flat at $$74.00 during mid-day trading on Friday. The company had a trading volume of 1,119 shares, compared to its average volume of 2,576. PrimeEnergy Resources has a 52 week low of $39.89 and a 52 week high of $89.51. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.35. The stock’s 50 day simple moving average is $73.77 and its 200 day simple moving average is $69.73.

PrimeEnergy Resources Company Profile (Get Rating)

PrimeEnergy Resources Corp. engages in the acquisition, developing and producing oil and natural gas. It owns producing and non-producing properties located primarily in Texas, and Oklahoma. The company was founded in March 1973 and is headquartered in Houston, TX.

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