In a recent move, Robert de Rothschild, a significant shareholder of PrimeEnergy Resources Corp (NASDAQ:PNRG), has sold a substantial number of shares in the company. The transactions, which took place over two consecutive days, resulted in the sale of 19,000 shares at prices ranging from $97.5 to $112.5847, bringing the total value of the shares sold to approximately $1,867,953.
The first transaction occurred on May 28, 2024, where de Rothschild unloaded 17,800 shares at a price of $97.5 each. Following closely on May 29, an additional 1,200 shares were sold in multiple transactions with prices varying from $108 to $112.5847. The weighted average sale price for some of these shares was $110.6772, with individual sales conducted at prices between $110.50 and $111.11.
Post these transactions, de Rothschild's holdings in PrimeEnergy Resources Corp have decreased, yet he still retains a significant interest in the company with 276,768 shares remaining. It is noted that the shares sold were held of record by Amrace Inc. De Rothschild has disclaimed beneficial ownership of these shares, except to the extent of his pecuniary interest.
PrimeEnergy Resources Corp, based in Houston, Texas, is engaged in the production and sale of crude petroleum and natural gas. The sales by de Rothschild represent a notable change in his investment in the company, and the market will undoubtedly keep a close watch on the company's performance and any further insider transactions.
InvestingPro Insights
Following the recent insider transactions by Robert de Rothschild in PrimeEnergy Resources Corp (NASDAQ:PNRG), investors may find additional context in the company's financial metrics and market performance. As per InvestingPro data, PrimeEnergy has a market capitalization of $195.51 million and is trading with a P/E ratio of 5.16, which slightly adjusts to 6.52 when looking at the last twelve months as of Q1 2024. This valuation comes in the wake of a robust 17.04% revenue growth during the same period, highlighting the company's revenue expansion.
The company's share price has seen various fluctuations, with a 1-year total return of 17.19%, indicating a positive trajectory over the past year. Despite a slight dip in the 1-week price total return of -3.39%, the longer-term performance remains strong. Additionally, PrimeEnergy's stock is currently trading at 90.54% of its 52-week high, with a previous close at $109.54.
From an operational standpoint, the company has demonstrated financial health, with a gross profit margin of 62.09% and an operating income margin of 26.51% in the last twelve months as of Q1 2024. These figures suggest efficient management and profitability, which is further supported by the fact that the company has been profitable over the last twelve months, as mentioned in one of the InvestingPro Tips.
However, potential investors should consider the insights provided by InvestingPro Tips, which indicate that PrimeEnergy is trading at a high P/E ratio relative to near-term earnings growth, and that its short-term obligations exceed its liquid assets. Moreover, while the company operates with a moderate level of debt, it does not pay a dividend to shareholders, which may influence investment decisions depending on individual strategies and preferences.
For readers interested in a deeper analysis, there are additional InvestingPro Tips available for PrimeEnergy Resources Corp at https://www.investing.com/pro/PNRG. To access this valuable resource and more, you can use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With a total of 5 InvestingPro Tips listed for PNRG, investors can gain a comprehensive understanding of the company's financial health and make more informed decisions.
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