PrimeEnergy Shares Drop as Earnings Cut in Half on Gas Price Pressure
PrimeEnergy Resources Corporation shares dropped Thursday as the small U.S. oil-and-gas producer posted first-quarter profit that was about half of last year’s, but said it still has no debt and cash flow remained steady. The Nasdaq stock was last at $243.06, off 1.2%. Shares changed hands between $239.00 and $252.97. Energy shares had a tough session. The SPDR S&P Oil & Gas Exploration & Production ETF lost 2.2%. W&T Offshore was down 1.9%.