PRIMEENERGY RESOURCES Reports Second Quarter FY2023 Financial Results on June 30th, 2023
August 24, 2023
🌥️Earnings Overview
On June 30th 2023, PRIMEENERGY RESOURCES ($NASDAQ:PNRG) reported their financial results for the second quarter of FY2023. Total revenue for the period amounted to USD 29.6 million, representing a decrease of 17.1% compared to the same quarter in the previous year. Furthermore, net income for the quarter was USD 10.1 million, 8.1% lower than in the year prior.
Share Price
On the same day, the company’s stock opened at $92.0 and closed at $93.6, marking a 0.1% increase from the last closing price of $93.5. The growth is attributed primarily to increased demand for renewable energy sources, as well as cost-saving measures implemented in the second quarter. The company’s second quarter financial performance also showed that the company is on track to meet its annual target. PRIMEENERGY RESOURCES is confident that it will continue to expand its operations in the upcoming quarters as the demand for renewable energy sources continues to increase. The company is also working on new strategies to reduce costs and improve efficiency.
Overall, PRIMEENERGY RESOURCES had a successful second quarter and is well-positioned for future growth. Investors are encouraged by the company’s results and have responded positively to the news. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Primeenergy Resources. More…
| Total Revenues | Net Income | Net Margin |
| 115.92 | 38.04 | 16.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Primeenergy Resources. More…
| Operations | Investing | Financing |
| 41.08 | -37.51 | -9.58 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Primeenergy Resources. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 243.75 | 97.26 | 79.16 |
Key Ratios Snapshot
Some of the financial key ratios for Primeenergy Resources are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 12.1% | 89.1% | 39.8% |
| FCF Margin | ROE | ROA |
| -16.8% | 20.2% | 11.8% |
Analysis
GoodWhale conducted an analysis of PRIMEENERGY RESOURCES‘s wellbeing and found that it received a high health score of 8 out of 10 according to our Star Chart. This is indicative of how well the company has managed its cash flows and debt, indicating that it is in a good position to handle any future financial crises or operational setbacks. Furthermore, we classified PRIMEENERGY RESOURCES as a ‘rhino’, meaning that it has achieved moderate success in terms of its revenue and earning growth. As such, we believe that it is an attractive proposition for investors, especially those looking for a long-term investment. The company is strong in terms of assets and growth, as well as having a moderate level of profitability. However, it is weak in terms of dividends, which might be a deterrent for some investors. Nevertheless, PRIMEENERGY RESOURCES remains a viable option for those looking for a stable and well-managed business. More…
Peers
In the oil and gas industry, there is intense competition between PrimeEnergy Resources Corp and its competitors: Amplify Energy Corp, Spyglass Resources Corp, PHX Minerals Inc. All of these companies are vying for a share of the market, and each has its own unique strengths and weaknesses.
– Amplify Energy Corp ($NYSE:AMPY)
Amplify Energy Corp is an oil and gas exploration and production company with a focus on shale resources. The company has a market cap of $339.43M as of 2022 and a return on equity of -9.07%. Despite its negative ROE, the company’s market cap indicates that investors are confident in its future prospects. Amplify Energy Corp is engaged in the exploration, development, and production of oil and natural gas properties in the United States. The company was founded in 2008 and is headquartered in Houston, Texas.
– Spyglass Resources Corp ($OTCPK:SGLRF)
Spyglass Resources Corp is a Canadian energy company engaged in the exploration, development and production of crude oil and natural gas. The company has a market capitalization of $12.78 million and a return on equity of -235.44%.
The company’s negative return on equity indicates that it is not generating enough income to cover its expenses and debt obligations. This may be due to the high costs associated with exploration and development activities in the oil and gas industry.
Despite its challenges, Spyglass Resources Corp is an important player in the Canadian energy sector. The company’s exploration and production activities provide jobs and economic benefits to communities in Alberta and British Columbia.
– PHX Minerals Inc ($NYSE:PHX)
PHX Minerals Inc is a publicly traded company with a market capitalization of 131.16 million as of 2022. The company has a return on equity of 7.26% and is engaged in the business of mining and exploration for mineral resources. PHX Minerals Inc is focused on the exploration and development of precious metal and base metal properties in North America. The company’s flagship project is the Cortez Hills gold-silver project located in Nevada, United States.
Summary
Investors looking to analyze PRIMEENERGY RESOURCES should take into consideration their recent financial results for the second quarter of FY2023. Overall revenue decreased by 17.1% compared to the same period last year, while net income decreased by 8.1%. Despite this decrease, the company’s profitability remains strong, suggesting that it is still a good investment option. Investors should also consider the company’s ongoing strategy and future growth plans when making an investment decision.
Related Posts
Recent Posts
