Insider Buying: Barnwell Industries, Inc. (NYSE:BRN) Major Shareholder Purchases 71,050 Shares of Stock

Barnwell Industries, Inc. (NYSE:BRN) major shareholder Ned L. Sherwood purchased 71,050 shares of the stock in a transaction on Monday, April 15th. The shares were acquired at an average cost of $2.67 per share, with a total value of $189,703.50. Following the transaction, the insider now directly owns 2,600,466 shares in the company, valued at $6,943,244.22. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Barnwell Industries Stock Performance

Shares of Barnwell Industries stock traded up $0.06 during midday trading on Wednesday, hitting $2.79. The company had a trading volume of 35,205 shares, compared to its average volume of 15,901. The company has a 50 day moving average of $2.36 and a 200 day moving average of $2.44. Barnwell Industries, Inc. has a 52-week low of $2.06 and a 52-week high of $2.90.

Barnwell Industries (NYSE:BRN) last posted its quarterly earnings results on Monday, February 12th. The company reported ($0.07) earnings per share for the quarter. The company had revenue of $6.16 million during the quarter. Barnwell Industries had a negative return on equity of 14.70% and a negative net margin of 11.35%.

Hedge Funds Weigh In On Barnwell Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BRN. Acadian Asset Management LLC lifted its position in Barnwell Industries by 145.1% in the 1st quarter. Acadian Asset Management LLC now owns 40,745 shares of the company’s stock valued at $104,000 after acquiring an additional 24,118 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in Barnwell Industries in the 1st quarter valued at approximately $78,000. Renaissance Technologies LLC lifted its holdings in shares of Barnwell Industries by 15.0% during the 1st quarter. Renaissance Technologies LLC now owns 637,622 shares of the company’s stock valued at $1,639,000 after buying an additional 83,286 shares during the period. Two Sigma Investments LP bought a new position in Barnwell Industries in the 3rd quarter worth $40,000. Finally, Stilwell Value LLC bought a new position in Barnwell Industries in the 1st quarter worth $220,000. 40.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on BRN shares. StockNews.com started coverage on Barnwell Industries in a research report on Tuesday. They set a “hold” rating for the company. TheStreet lowered Barnwell Industries from a “c” rating to a “d+” rating in a research report on Thursday, March 14th.

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.