Profire Energy, Inc. (NASDAQ:PFIE) Downgraded to “Hold” at Zacks Investment Research

Profire Energy, Inc. (NASDAQ:PFIE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday, July 7th.

According to Zacks, “Profire Energy, Inc. manufactures, installs and services oilfield combustion management systems and related burner products. The Company’s products aid oil and natural gas producers in the safe and efficient development and transportation of carbon-based fuels. Its products include Profire 2100 and the Profire 1100, Profire 1100i and fuel-trains or valve-trains, which comprise piping, valves, and controls related to the process of providing fuel to burners, as well as having safety controllers to monitor operations. Profire Energy, Inc. is based in Lindon, Utah. “

Separately, Chardan Capital reaffirmed a “buy” rating and issued a $2.15 price target (up previously from $2.00) on shares of Profire Energy in a report on Monday, March 13th.

Profire Energy (NASDAQ PFIE) traded down 2.40% during trading on Friday, hitting $1.22. The stock had a trading volume of 63,023 shares. The firm has a market cap of $61.27 million, a PE ratio of 55.45 and a beta of 1.68. Profire Energy has a 52 week low of $1.08 and a 52 week high of $1.72. The company’s 50-day moving average is $1.30 and its 200 day moving average is $1.33.

Profire Energy declared that its board has initiated a share buyback program on Friday, May 26th that authorizes the company to repurchase $2.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

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In other Profire Energy news, Director Harold Albert sold 29,315 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $1.46, for a total transaction of $42,799.90. Following the completion of the transaction, the director now owns 11,133,040 shares of the company’s stock, valued at $16,254,238.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brenton W. Hatch sold 200,000 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $1.35, for a total transaction of $270,000.00. Following the sale, the chief executive officer now owns 13,850,000 shares in the company, valued at approximately $18,697,500. The disclosure for this sale can be found here. Over the last three months, insiders sold 323,758 shares of company stock valued at $434,658. 58.70% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC raised its stake in Profire Energy by 49.4% in the fourth quarter. Renaissance Technologies LLC now owns 314,000 shares of the oil and gas company’s stock valued at $433,000 after buying an additional 103,800 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. purchased a new position in Profire Energy during the fourth quarter valued at approximately $187,000. Perkins Capital Management Inc. raised its position in Profire Energy by 37.4% in the first quarter. Perkins Capital Management Inc. now owns 525,606 shares of the oil and gas company’s stock valued at $741,000 after buying an additional 143,125 shares during the period. Beck Mack & Oliver LLC purchased a new position in Profire Energy during the first quarter valued at approximately $494,000. Finally, Tocqueville Asset Management L.P. purchased a new position in Profire Energy during the first quarter valued at approximately $972,000. Hedge funds and other institutional investors own 19.91% of the company’s stock.

About Profire Energy

Profire Energy, Inc is an oilfield technology company. The Company is primarily engaged in the business of developing combustion management technologies for the oil and gas industry. It specializes in the creation of burner-management systems, used on a range of oilfield natural-draft fire tube vessels.

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