Barnwell Industries (NYSE:BRN) Coverage Initiated at StockNews.com

StockNews.com started coverage on shares of Barnwell Industries (NYSE:BRN) in a research note published on Tuesday morning. The brokerage issued a hold rating on the stock.

Barnwell Industries Price Performance

Shares of BRN opened at $1.90 on Tuesday. Barnwell Industries has a 1 year low of $1.31 and a 1 year high of $3.20. The company has a 50 day simple moving average of $1.63 and a two-hundred day simple moving average of $2.00. The firm has a market cap of $19.10 million, a P/E ratio of -3.39 and a beta of 0.02.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Barnwell Industries stock. Renaissance Technologies LLC lifted its holdings in Barnwell Industries, Inc. (NYSE:BRN) by 1.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 355,534 shares of the company’s stock after purchasing an additional 6,612 shares during the quarter. Renaissance Technologies LLC owned 3.55% of Barnwell Industries worth $836,000 at the end of the most recent quarter. 40.71% of the stock is currently owned by institutional investors and hedge funds.

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.