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

Equities research analysts at StockNews.com initiated coverage on shares of Barnwell Industries (NYSE:BRN) in a note issued to investors on Tuesday. The brokerage set a “hold” rating on the stock.

Barnwell Industries Stock Performance

NYSE BRN opened at $1.69 on Tuesday. The firm has a market capitalization of $16.95 million, a price-to-earnings ratio of -4.45 and a beta of 0.14. Barnwell Industries has a one year low of $1.62 and a one year high of $3.20. The company’s 50 day moving average price is $2.01 and its 200 day moving average price is $2.29.

Hedge Funds Weigh In On Barnwell Industries

A hedge fund recently raised its stake in Barnwell Industries stock. Renaissance Technologies LLC raised its stake in Barnwell Industries, Inc. (NYSE:BRN) by 1.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent quarter. Institutional investors and hedge funds 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.