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In a recent market move, Joshua Horowitz, a director at Barnwell Industries Inc. (NYSEAMERICAN:BRN), has made a substantial purchase of the company's stock, signaling his confidence in the energy firm's future. The transactions, which took place over two separate days, resulted in Horowitz acquiring a significant number of shares at varying prices, totaling over $38,000.
On August 21, Horowitz purchased 7,000 shares at a weighted average price of $2.2422 per share. This purchase was part of multiple transactions with prices ranging from $2.21 to $2.27, as detailed in the footnotes of the filing. A few days later, on August 23, he added another 10,096 shares to his holdings, this time at a weighted average price of $2.3011 per share. These shares were also bought in a series of transactions, with individual prices between $2.25 and $2.32.
Following these acquisitions, Horowitz's direct and indirect holdings in Barnwell Industries have increased significantly. The indirect shares are held through Palm Global Small Cap Master Fund LP, for which Horowitz serves as a portfolio manager and special limited partner. Despite the substantial investment, both Horowitz and Palm Management (US) LLC, the investment manager of Palm Global, have disclaimed beneficial ownership of the shares, except to the extent of their pecuniary interest.
The recent purchases by Horowitz could be seen as a positive sign for Barnwell Industries, a company engaged in the extraction of crude petroleum and natural gas. Investors often look to insider buying as an indicator of a leader's belief in the company's potential and growth prospects.
Barnwell Industries, headquartered in Honolulu, Hawaii, operates within the energy sector, focusing on the exploration and development of oil and natural gas reserves. The company's stock trades on the NYSE American under the ticker symbol BRN.
InvestingPro Insights
The recent insider purchases by Joshua Horowitz at Barnwell Industries Inc. (NYSEAMERICAN:BRN) may raise investor interest, especially when considering the company's financial data and performance metrics. An analysis of Barnwell Industries using InvestingPro data reveals some key aspects of the company's financial health and market performance.
Despite a challenging market, Barnwell Industries reported a gross profit of $9.25 million for the last twelve months as of Q3 2024, which translates to a gross profit margin of 38.07%. This suggests that while the company's revenue has seen a decline of 9.36% during the same period, it still maintains a relatively high percentage of revenue after accounting for the cost of goods sold. The EBITDA growth for the same period stood at a notable 61.12%, indicating an improvement in the company's earnings before interest, taxes, depreciation, and amortization.
However, an InvestingPro Tip points out that the company's valuation implies a poor free cash flow yield, which could be a concern for investors looking for immediate cash returns on their investment. On the brighter side, another InvestingPro Tip highlights that Barnwell's liquid assets exceed its short-term obligations, suggesting a healthy liquidity position that may reassure investors of the company's ability to meet its short-term liabilities.
For investors seeking a more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/BRN, which provide further insights into Barnwell Industries' financial and market performance.
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