PrimeEnergy Corporation (NASDAQ:PNRG) Short Interest Down 34.8% in December

PrimeEnergy Corporation (NASDAQ:PNRG) was the target of a large decline in short interest in the month of December. As of December 15th, there was short interest totaling 48,325 shares, a decline of 34.8% from the November 30th total of 74,139 shares. Approximately 7.9% of the shares of the company are sold short. Based on an average daily volume of 44,619 shares, the days-to-cover ratio is currently 1.1 days. Based on an average daily volume of 44,619 shares, the days-to-cover ratio is currently 1.1 days. Approximately 7.9% of the shares of the company are sold short.

PrimeEnergy Stock Performance

PNRG opened at $175.64 on Friday. The firm has a market cap of $286.29 million, a P/E ratio of 16.81 and a beta of -0.08. PrimeEnergy has a 52-week low of $126.40 and a 52-week high of $243.49. The business’s fifty day moving average is $160.28 and its 200-day moving average is $160.09.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PNRG. Weiss Ratings reissued a “hold (c)” rating on shares of PrimeEnergy in a research report on Monday, December 22nd. Wall Street Zen upgraded shares of PrimeEnergy from a “sell” rating to a “hold” rating in a research note on Saturday, November 22nd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, PrimeEnergy currently has a consensus rating of “Hold”.

Insider Buying and Selling

In other PrimeEnergy news, Director Clint Hurt sold 5,000 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $190.20, for a total value of $951,000.00. Following the transaction, the director directly owned 120,763 shares of the company’s stock, valued at $22,969,122.60. This represents a 3.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 10,000 shares of company stock valued at $1,901,536. Corporate insiders own 62.77% of the company’s stock.

Institutional Trading of PrimeEnergy

Institutional investors and hedge funds have recently made changes to their positions in the company. American Century Companies Inc. increased its stake in PrimeEnergy by 118.4% in the first quarter. American Century Companies Inc. now owns 15,877 shares of the oil and natural gas company’s stock valued at $3,618,000 after acquiring an additional 8,607 shares during the last quarter. MetLife Investment Management LLC acquired a new stake in shares of PrimeEnergy in the 1st quarter valued at $93,000. AQR Capital Management LLC increased its stake in shares of PrimeEnergy by 286.2% in the 1st quarter. AQR Capital Management LLC now owns 6,897 shares of the oil and natural gas company’s stock valued at $1,572,000 after purchasing an additional 5,111 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of PrimeEnergy by 4.3% during the 1st quarter. Bridgeway Capital Management LLC now owns 12,990 shares of the oil and natural gas company’s stock worth $2,960,000 after buying an additional 541 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of PrimeEnergy by 6.7% during the 1st quarter. Empowered Funds LLC now owns 8,649 shares of the oil and natural gas company’s stock worth $1,971,000 after buying an additional 541 shares in the last quarter.

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.