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

Stock analysts at StockNews.com assumed coverage on shares of Barnwell Industries (NYSE:BRN) in a report issued on Sunday. The brokerage set a “hold” rating on the stock.

Barnwell Industries Price Performance

Shares of BRN stock opened at $1.49 on Friday. The company has a 50-day moving average of $1.68 and a two-hundred day moving average of $2.07. The firm has a market cap of $14.98 million, a PE ratio of -3.92 and a beta of 0.07. Barnwell Industries has a 1-year low of $1.31 and a 1-year high of $3.20.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Barnwell Industries stock. Renaissance Technologies LLC increased its position in shares of Barnwell Industries, Inc. (NYSE:BRN) by 1.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 355,534 shares of the company’s stock after acquiring an additional 6,612 shares during the period. Renaissance Technologies LLC owned about 3.55% of Barnwell Industries worth $836,000 at the end of the most recent quarter. Hedge funds and other 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.