StockNews.com Initiates Coverage on Barnwell Industries (NYSE:BRN)

StockNews.com started coverage on shares of Barnwell Industries (NYSE:BRN) in a research report report published on Saturday. The brokerage issued a hold rating on the stock.

Barnwell Industries Stock Up 1.9 %

Shares of NYSE BRN opened at $1.86 on Friday. The firm has a market cap of $18.66 million, a PE ratio of -4.89 and a beta of 0.14. Barnwell Industries has a 12-month low of $1.80 and a 12-month high of $3.20. The company’s fifty day simple moving average is $2.17 and its 200 day simple moving average is $2.39.

Barnwell Industries (NYSE:BRN) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($0.12) earnings per share for the quarter. The firm had revenue of $5.53 million for the quarter. Barnwell Industries had a negative return on equity of 22.12% and a negative net margin of 15.55%.

Institutional Investors Weigh In On Barnwell Industries

A hedge fund recently raised its stake in Barnwell Industries stock. Renaissance Technologies LLC grew its stake in Barnwell Industries, Inc. (NYSE:BRN) by 1.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 355,534 shares of the company’s stock after purchasing an additional 6,612 shares during the quarter. Renaissance Technologies LLC owned about 3.55% of Barnwell Industries worth $836,000 at the end of the most recent quarter. 40.71% of the stock is currently owned by institutional investors.

About Barnwell Industries

Barnwell Industries, Inc acquires, develops, produces, and sells oil and natural gas in Canada. The company operates through three segments: Oil and Natural Gas, Land Investment, and Contract Drilling. It also acquires and develops crude oil and natural gas assets in the province of Alberta, as well as invests in land interests in Hawaii.