In recent trading activity, an insider of Barnwell Industries Inc. (NYSEAMERICAN:BRN), a company specializing in crude petroleum and natural gas, has made significant purchases of the company's stock. The transactions, which occurred over a three-day period, involved the acquisition of shares at prices ranging from $2.81 to $2.85 per share, amounting to a total value of over $63,000.
The purchases were made by entities associated with Ned L. Sherwood, who is identified as a ten percent owner of the company, according to the latest filings. The shares were acquired in indirect ownership through MRMP-Managers LLC and the Ned L. Sherwood Revocable Trust. Notably, Sherwood is the Chief Investment Officer of MRMP-Managers LLC and the sole trustee and beneficiary of the Ned L. Sherwood Revocable Trust.
On May 20, 2024, 18,034 shares were bought at an average price of $2.81 per share. The following day, an additional 3,451 shares were acquired at an average price of $2.84 per share. The buying continued on May 22, with 1,001 shares purchased at an average price of $2.85 per share. These transactions have increased the indirect holdings managed by Sherwood to a total of 2,739,569.138 shares.
The detailed information regarding the number of shares bought at each separate price was provided in the footnotes of the filing, indicating a commitment to transparency. It is also noted that Sherwood disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.
Investors and market watchers often look to insider buying as a signal of confidence in the company's prospects. With these latest acquisitions, stakeholders may take note of the increased investment by a significant insider in Barnwell Industries.
InvestingPro Insights
Amidst the insider trading activity at Barnwell Industries Inc. (NYSEAMERICAN:BRN), current InvestingPro data and metrics provide additional context to the company's financial standing and performance. With a Price to Earnings (P/E) Ratio of -8.76, the company is not profitable over the last twelve months as of Q2 2024. However, an InvestingPro Tip highlights that Barnwell Industries operates with a moderate level of debt, which could be a reassuring sign for investors concerned about the company's financial leverage.
The company's Price to Book (P/B) ratio stands at 1.31, suggesting that the market values the company at a slight premium over its book value. Additionally, Barnwell Industries has shown a strong return over the last three months, with a 26.65% price total return, aligning with another InvestingPro Tip that points out the company's strong performance in this period.
While revenue has declined by 16.16% over the last twelve months as of Q2 2024, the quarterly revenue growth shows a positive uptick of 10.21%. This could indicate a potential turnaround or a positive response to strategic initiatives taken by the company. Investors may find this particularly relevant when considering the recent insider purchases as a sign of confidence in the company's direction.
For those looking to delve deeper into the financials and performance of Barnwell Industries, there are additional InvestingPro Tips available at https://www.investing.com/pro/BRN. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a wealth of investment insights and analysis.
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