PrimeEnergy Q2 Net Income More Than Doubles on Higher Oil Prices
PNRG sits 56% above its 52-week low of $126.4.
Summary
PrimeEnergy's Q2 net income more than doubled to $6.50 million, or $4.06 per share, driven by a surge in realized oil prices to $98.85/bbl from $56.96/bbl a year ago. The gain offset a $9 million hit from negative natural gas prices in the Permian Basin and lower oil production. This is a sharp reversal from Q1, when net income and EPS fell sharply and natural gas revenue turned negative. The company also repurchased 31,290 shares in Q2 and has board authorization for 300,000 more, with plans to continue buybacks if prices stay favorable. Drilling has begun on 24 horizontal wells with first production expected in Q4 2026, and the company plans to invest about $52 million in 28 horizontal wells this year. The stock trades at 20 times forward earnings versus 9 three months ago, and the sole analyst rating is a sell with a $160 price target, well below the current $197 price.
At the time of this announcement, PNRG was trading at $197.00 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $318.7M. The 52-week trading range was $126.40 to $278.90. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.