PrimeEnergy Resources (NASDAQ:PNRG) Share Price Crosses Above 200 Day Moving Average of $89.84

Posted by on Aug 8th, 2023

PrimeEnergy Resources Co. (NASDAQ:PNRG – Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $89.84 and traded as high as $96.50. PrimeEnergy Resources shares last traded at $95.52, with a volume of 2,204 shares changing hands.

PrimeEnergy Resources Stock Up 1.1 %

The business has a fifty day simple moving average of $93.45 and a two-hundred day simple moving average of $89.87. The company has a market capitalization of $176.71 million, a price-to-earnings ratio of 6.62 and a beta of 0.74.

PrimeEnergy Resources (NASDAQ:PNRG – Get Free Report) last posted its earnings results on Monday, May 22nd. The oil and natural gas company reported $0.53 earnings per share (EPS) for the quarter. PrimeEnergy Resources had a net margin of 32.05% and a return on equity of 29.58%. The company had revenue of $22.65 million during the quarter.

Insider Buying and Selling at PrimeEnergy Resources

In other news, Director Clint Hurt sold 1,761 shares of the business’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $98.03, for a total value of $172,630.83. Following the completion of the transaction, the director now owns 164,002 shares of the company’s stock, valued at approximately $16,077,116.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders sold 4,175 shares of company stock worth $409,250. Insiders own 59.66% of the company’s stock.

Hedge Funds Weigh In On PrimeEnergy Resources

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNRG. Dimensional Fund Advisors LP boosted its stake in PrimeEnergy Resources by 50.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 18,155 shares of the oil and natural gas company’s stock worth $1,417,000 after purchasing an additional 6,060 shares during the period. Bank of America Corp DE boosted its stake in PrimeEnergy Resources by 338.0% in the 1st quarter. Bank of America Corp DE now owns 6,570 shares of the oil and natural gas company’s stock worth $557,000 after purchasing an additional 5,070 shares during the period. Acadian Asset Management LLC acquired a new position in PrimeEnergy Resources in the 1st quarter worth $426,000. Janney Montgomery Scott LLC acquired a new position in PrimeEnergy Resources in the 2nd quarter worth $460,000. Finally, Renaissance Technologies LLC acquired a new position in PrimeEnergy Resources in the 2nd quarter worth $243,000. 6.91% of the stock is owned by institutional investors and hedge funds.

PrimeEnergy Resources Company Profile

(Get Free Report)

PrimeEnergy Resources Corporation, through its subsidiaries, engages in acquiring, developing, and producing oil and natural gas properties in the United States. 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.

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