PrimeEnergy Resources Corporation is a small, growing upstream company. The company is NASDAQ listed with a small float (as in low liquidity). Therefore, limit orders and patience are suggested. Insiders, including CEO Charles Drimal Jr., hold a significant portion of shares, resulting in less than 40% of shares being available to the public.
PNRG's focus on horizontal drilling in West Texas boosts production rates and accelerates returns, aligning with industry trends to enhance resource recovery.
A significant y/y rise in oil sales, reflecting higher production volumes and improved pricing, aid PrimeEnergy's (PNRG) earnings in Q2.
Discover why Zacks rates PrimeEnergy (PNRG) as "Neutral," being the first on Wall Street to initiate the coverage of the stock. Explore how PNRG's ambitious expansion and impressive production growth have positioned it as a significant oil and gas contender despite liquidity and operational risks.
HOUSTON, May 17, 2024 (GLOBE NEWSWIRE) -- PrimeEnergy Resources Corporation (PNRG) has reported its first quarter results, with significant increases in oil and gas production volumes compared to the same period in 2023. Total assets at the end of March 2024 were $332,896,000, up from $288,568,000 at the end of December 2023. The company's revenues for the quarter were $42,990, an 88% increase from the previous year, while net income was $11,319, a 703% increase. Earnings per common share also saw substantial growth. PrimeEnergy Resources Corporation is actively involved in acquiring, developing, and producing oil and natural gas, as well as providing oilfield services, primarily in Texas.