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

StockNews.com initiated coverage on shares of Barnwell Industries (NYSE:BRN) in a research report sent to investors on Saturday morning. The brokerage issued a hold rating on the stock.

Barnwell Industries Stock Performance

NYSE:BRN opened at $1.43 on Friday. The company has a market capitalization of $14.33 million, a P/E ratio of -3.75 and a beta of 0.07. Barnwell Industries has a 52 week low of $1.31 and a 52 week high of $3.20. The stock’s 50 day moving average price is $1.72 and its 200 day moving average price is $2.09.

Institutional Investors Weigh In On Barnwell Industries

A hedge fund recently raised its stake in Barnwell Industries stock. Renaissance Technologies LLC increased its stake in shares of Barnwell Industries, Inc. (NYSE:BRN) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 355,534 shares of the company’s stock after acquiring 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 reporting period. 40.71% of the stock is owned by hedge funds and other institutional investors.

Barnwell Industries Company Profile

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.