Barnwell Industries (NYSE:BRN) Trading Up 2.9% – Still a Buy?

Barnwell Industries, Inc. (NYSE:BRN)’s stock price rose 2.9% during trading on Thursday . The company traded as high as $1.11 and last traded at $1.06. 219,191 shares were traded during mid-day trading, a decline of 47% from the average session volume of 414,228 shares. The stock had previously closed at $1.03.

Barnwell Industries Price Performance

The stock has a market capitalization of $15.26 million, a P/E ratio of -1.56 and a beta of -0.04. The company’s 50 day simple moving average is $1.05 and its two-hundred day simple moving average is $1.09.

Hedge Funds Weigh In On Barnwell Industries

Institutional investors and hedge funds have recently bought and sold shares of the business. JCP Investment Management LLC bought a new stake in shares of Barnwell Industries during the first quarter worth $442,000. Renaissance Technologies LLC lifted its position in Barnwell Industries by 9.4% during the 1st quarter. Renaissance Technologies LLC now owns 323,713 shares of the company’s stock worth $350,000 after buying an additional 27,726 shares in the last quarter. Aspen Grove Capital LLC lifted its position in Barnwell Industries by 206.9% during the 1st quarter. Aspen Grove Capital LLC now owns 79,806 shares of the company’s stock worth $86,000 after buying an additional 53,806 shares in the last quarter. Finally, DRW Securities LLC bought a new stake in Barnwell Industries during the 4th quarter worth about $37,000. Institutional investors and hedge funds own 40.71% of the company’s stock.

About Barnwell Industries

Barnwell Industries, Inc (NYSE: BRN) is an independent energy company headquartered in Houston, Texas. The company specializes in the acquisition, development and operation of onshore oil and natural gas properties. Its strategy centers on purchasing and managing producing assets that offer stable, cash‐flow characteristics in mature U.S. resource plays.

Barnwell’s core activities include the identification and evaluation of undervalued or under-drilled leases, followed by the implementation of low-cost development programs to enhance production.