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

Stock analysts at StockNews.com began coverage on shares of Barnwell Industries (NYSE:BRN) in a note issued to investors on Wednesday. The firm set a “hold” rating on the stock.

Barnwell Industries Price Performance

Shares of NYSE:BRN opened at $1.64 on Wednesday. The company has a market cap of $16.45 million, a price-to-earnings ratio of -4.32 and a beta of 0.07. The firm has a 50 day simple moving average of $1.95 and a 200 day simple moving average of $2.25. Barnwell Industries has a one year low of $1.62 and a one year high of $3.20.

Hedge Funds Weigh In On Barnwell Industries

A hedge fund recently raised its stake in Barnwell Industries stock. Renaissance Technologies LLC boosted its stake in Barnwell Industries, Inc. (NYSE:BRN) by 1.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 as of its most recent SEC filing. Institutional investors own 40.71% of the company’s stock.

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.