Primeenergy Resources (NASDAQ:PNRG) Downgraded to Strong Sell at ValuEngine

ValuEngine downgraded shares of Primeenergy Resources (NASDAQ:PNRG) from a sell rating to a strong sell rating in a report issued on Thursday morning, ValuEngine reports.

Separately, TheStreet lowered Primeenergy Resources from a b- rating to a c rating in a research note on Friday, July 5th.

Shares of PNRG stock traded up $0.95 during trading hours on Thursday, reaching $123.25. 473 shares of the company’s stock were exchanged, compared to its average volume of 1,137. Primeenergy Resources has a 1 year low of $67.01 and a 1 year high of $184.20. The stock has a market cap of $245.78 million, a PE ratio of 50.35 and a beta of 0.46. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a fifty day moving average price of $127.76.

Primeenergy Resources (NASDAQ:PNRG) last issued its quarterly earnings results on Monday, May 20th. The oil and natural gas company reported ($1.49) earnings per share for the quarter. Primeenergy Resources had a return on equity of 7.92% and a net margin of 7.16%. The business had revenue of $24.42 million for the quarter.

In other news, Director Clint Hurt sold 1,203 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $130.00, for a total transaction of $156,390.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 71.15% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PNRG. Heritage Investors Management Corp purchased a new stake in Primeenergy Resources in the first quarter valued at approximately $385,000. Moors & Cabot Inc. purchased a new stake in Primeenergy Resources in the first quarter valued at approximately $314,000. McKinley Carter Wealth Services Inc. purchased a new stake in Primeenergy Resources in the second quarter valued at approximately $266,000. Finally, Marshall Wace North America L.P. purchased a new stake in Primeenergy Resources in the first quarter valued at approximately $26,000. Hedge funds and other institutional investors own 2.47% of the company’s stock.

Primeenergy Resources Company Profile

PrimeEnergy Resources Corporation, an independent oil and natural gas company, 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 operations, site-preparation, and construction services for oil and gas drilling and reworking operations.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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