Why These Energy Stocks Are Losing This Week

6. PrimeEnergy Resources Corporation (NASDAQ:PNRG)

Share Price Decline Between Apr. 15 and Apr. 22: 5.68%

Next on our list of Energy Stocks Losing This Week is PrimeEnergy Resources Corporation (NASDAQ:PNRG), which engages in the acquisition, development, and production of oil and natural gas properties in the United States.

The share price of PrimeEnergy Resources Corporation (NASDAQ:PNRG) declined last week despite the company posting strong results for its FY 2024. PNRG reported a total revenue of $237.8 million, up 79% YoY, while net income also nearly doubled to $55.4 million. The company’s oil production in 2024 surged by over 123% YoY to 2.56 million barrels, while NGL volumes also increased 112% to 1.28 million barrels. However, the increased production was partially offset by a decrease in prices, as the average realized oil price slipped 1.4% to $75.80 per barrel and natural gas prices plummeted 77.6% to $0.43 per Mcf.