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PrimeEnergy surges after returning to profit

Tuesday, November 15, 2016 8:33
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(Before It's News)

Shares in PrimeEnergy Corporation (NASDAQ:PNRG) added a tenth in value on the back of results announced after the bell last night.

Third quarter revenues fell to US$16.5mln in the three months to the end of September from US$21.5mln in the corresponding period of last year.

Despite that, net income turned positive, with the company declaring a post-tax profit of US$4.92mln, versus a loss a year earlier of US$655,000.

Diluted earnings per share clocked in at U$1.62 versus a loss per share in the third quarter of last year of 28 cents.

The oil and gas company produced 199,000 barrels in the third quarter, 28,000 barrels higher than the amount it produced a year earlier. The average price it achieved for the oil it sold was US$41.89 a barrel, down from US$43.84 the year before.

On the gas side, it produced 1,124,000 million cubic feet (mcf) of gas, down from 1,151,000 the previous year.

Shares opened at US$51.90 on Tuesday Morning before retreating to US$47.95, but that was still up almost 11% on last night’s close.

Story by ProactiveInvestors

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