PrimeEnergy (NASDAQ:PNRG) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

PrimeEnergy Corporation (NASDAQ:PNRG) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $172.58 and traded as high as $221.44. PrimeEnergy shares last traded at $219.32, with a volume of 34,626 shares.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of PrimeEnergy in a report on Monday, December 29th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold”.

PrimeEnergy Stock Performance

The firm has a market capitalization of $357.49 million, a PE ratio of 20.99 and a beta of -0.08. The stock’s 50-day simple moving average is $189.62 and its 200-day simple moving average is $172.58.

Insider Activity at PrimeEnergy

In related news, major shareholder Rothschild Robert De sold 10,151 shares of the company’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $186.19, for a total value of $1,890,014.69. Following the sale, the insider directly owned 211,906 shares of the company’s stock, valued at $39,454,778.14. This represents a 4.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Clint Hurt sold 8,936 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $191.58, for a total value of $1,711,958.88. Following the completion of the transaction, the director owned 105,763 shares of the company’s stock, valued at approximately $20,262,075.54. This trade represents a 7.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 40,000 shares of company stock valued at $7,427,626 in the last three months. Corporate insiders own 62.77% of the company’s stock.

Institutional Investors Weigh In On PrimeEnergy

Hedge funds have recently bought and sold shares of the business. State of Wyoming boosted its position in shares of PrimeEnergy by 78.7% in the 4th quarter. State of Wyoming now owns 168 shares of the oil and natural gas company’s stock worth $29,000 after purchasing an additional 74 shares in the last quarter. Quarry LP purchased a new position in PrimeEnergy during the third quarter valued at $38,000. Caitong International Asset Management Co. Ltd purchased a new position in PrimeEnergy during the third quarter valued at $44,000. Flagship Harbor Advisors LLC bought a new stake in PrimeEnergy in the fourth quarter worth $52,000. Finally, CWM LLC grew its stake in shares of PrimeEnergy by 673.6% in the third 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.

About PrimeEnergy

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.