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Barnwell Industries, Inc. (BRN)

NYSE American - NYSE American Delayed Price. Currency in USD
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2.6700-0.1000 (-3.61%)
At close: 4:00PM EDT
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Previous Close2.7700
Open2.5900
Bid0.0000 x 800
Ask0.0000 x 1000
Day's Range2.4000 - 2.7500
52 Week Range0.5500 - 6.9900
Volume366,193
Avg. Volume547,220
Market Cap22.1M
Beta (5Y Monthly)0.83
PE Ratio (TTM)N/A
EPS (TTM)-0.4540
Earnings DateFeb 10, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateSep 04, 2008
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Should You Take Comfort From Insider Transactions At Barnwell Industries, Inc. (NYSEMKT:BRN)?
    Simply Wall St.

    Should You Take Comfort From Insider Transactions At Barnwell Industries, Inc. (NYSEMKT:BRN)?

    We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are also...

  • Barnwell Industries, Inc. Reports Earnings for Its First Quarter Ended December 31, 2020
    GlobeNewswire

    Barnwell Industries, Inc. Reports Earnings for Its First Quarter Ended December 31, 2020

    HONOLULU, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) today reported net earnings of $584,000, $0.07 per share, for the three months ended December 31, 2020, as compared to a net loss of $414,000, $0.05 per share, for the three months ended December 31, 2019. Mr. Alexander C. Kinzler, Chief Executive Officer of Barnwell, commented, “We are pleased to report net earnings for the quarter ended December 31, 2020 as compared to last year’s net loss for the three months ended December 31, 2019, primarily due to a $1,097,000 improvement in equity in earnings of affiliates as compared to the quarter ended December 31, 2019. “This increase in the affiliates’ earnings reflects improved land sales at Kaupulehu, North Kona, Hawaii, with the Company having received $1,712,000 in net cash distributions in our first quarter, $459,000 of which was a preferred return which contributed to our net earnings, improving our cash balance and liquidity. Contract drilling segment operating profits grew slightly and while oil and natural gas operating margins declined this was largely due to a $630,000 non-cash impairment of our oil and natural gas properties due to lower 12-month historical rolling average oil and natural gas prices this year as compared to the preceding year, there was no such oil and natural gas impairment in the first quarter last year. Our oil and natural gas segment had production increases for all products in the current quarter as compared to last year’s quarter and the first well we drilled at the Twining property a year ago is currently producing over 120 barrels of oil a day. “We are also pleased that general and administrative expenses decreased $311,000, 21% in the current quarter as compared to last year’s quarter. The Company also recently entered into a cooperation and support agreement with MRMP-Managers LLC, the Ned L. Sherwood Revocable Trust, Bradley M. Tirpak and Ned L. Sherwood, which we believe will be beneficial in our efforts to reduce general and administrative expenses for the remainder of fiscal 2021 as compared to the same periods in fiscal 2020. “Barnwell ended the quarter with $5,370,000 in working capital, which includes $5,334,000 in cash and cash equivalents. Also, in January 2021, we received a net cash distribution in the amount of $199,000 from the Kukio Resort Land Development Partnerships. Financial results of this distribution will be reflected in Barnwell's quarter ending March 31, 2021.” The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein. COMPARATIVE OPERATING RESULTS(Unaudited) Quarter ended December 31, 2020 2019 Revenues$ 4,387,000 $4,850,000 Net earnings (loss) attributable to Barnwell Industries, Inc.$ 584,000 $(414,000) Net earnings (loss) per share – basic and diluted$ 0.07 $(0.05) Weighted-average shares and equivalent shares outstanding: Basic and diluted 8,277,160 8,277,160 Contact:Alexander C. Kinzler Chief Executive Officer and President Russell M. Gifford Executive Vice President and Chief Financial Officer Tel: (808) 531-8400

  • GlobeNewswire

    Barnwell Industries Reaches Agreement With MRMP Stockholders to End Potential Proxy Contest

    Agrees to Designated Slate of Directors for Election at 2021 Annual Meeting of StockholdersHONOLULU, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE-American: BRN) (“Barnwell” or the “Company”) is pleased to announce today that it has entered into a cooperation and support agreement with MRMP-Managers LLC, Ned L. Sherwood Revocable Trust, Ned L. Sherwood and Bradley M. Tirpak (collectively, the “MRMP Stockholders”), with respect to the potential proxy contest pertaining to the election of directors to our Board of Directors (the “Board”). Pursuant to the terms of the agreement, among other things, the Company will nominate its current slate of directors, which includes three of the MRMP nominees and two new independent directors elected in 2020, to stand for reelection to the Board at the upcoming 2021 annual meeting of stockholders. The MRMP Stockholders have agreed to vote their shares of common stock of the Company in favor of the election of the designated slate, and the MRMP Stockholders have agreed to withdraw their proposed slate of directors. Mr. Grossman, Chairman of the Board, said, “We are gratified to have reached this constructive outcome. In addition to demonstrating the Board’s commitment to acting in the long-term interests of our stockholders, this cooperation and support agreement continues the significant progress the Company has made over the past year toward strengthening and streamlining both our governance and operations.” Mr. Sherwood added, “As a significant Barnwell stockholder, I’m gratified that the Board of Directors will be unchanged from last year and be able to continue its efforts to move the Company forward. I’m pleased that Barnwell’s share price rose 370% from $.56 on April 3, 2020 to $2.06 per share as of the close on January 25, 2021. We are hopeful that the momentum builds in 2021 given the current appreciation in the price of oil, the increased velocity in Hawaiian land sales, and the stability of the water drilling business. The agreement that we have forged with the Company should avoid distraction and unnecessary expense allowing our Board to continue to position Barnwell for long term positive cash generation and further share price appreciation.” The complete agreement between the Company and the MRMP Stockholders will be attached as an exhibit to a Current Report on Form 8-K that will be filed with the U.S. Securities and Exchange Commission (the “SEC”). About Barnwell Industries, Inc. Barnwell Industries, Inc. and its subsidiaries are principally engaged in oil and natural gas exploration, development, production and sales in Canada; investing in leasehold interests in real estate in Hawaii; and well drilling services and water pumping system installation and repairs in Hawaii. Additional Information Barnwell intends to file a proxy statement and WHITE proxy card with the SEC in connection with its solicitation of proxies for its 2021 Annual Meeting. Details concerning the nominees of Barnwell's Board of Directors for election at the 2021 Annual Meeting will be included in the proxy statement. BARNWELL STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain the proxy statement, any amendments or supplements to the proxy statement and other documents as and when filed by Barnwell with the SEC without charge from the SEC’s website at www.sec.gov. Certain Information Regarding Participants Barnwell, its directors and certain of its executive officers may be deemed to be participants in connection with the solicitation of proxies from Barnwell’s stockholders in connection with the matters to be considered at the 2021 Annual Meeting. Information regarding the ownership of Barnwell’s directors and executive officers in Barnwell stock is included in their SEC filings on Forms 3, 4, and 5, which can be found through the SEC’s website at www.sec.gov. Information can also be found in Barnwell’s other SEC filings. More detailed and updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Safe Harbor for Forward-Looking Statements This release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as “plan,” “expect,” “will,” “should,” “could,” “anticipate,” “intend,” “project,” “estimate,” “guidance,” “possible,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those described in “Risk Factors” and elsewhere in the Company’s Annual Report on Form 10-K for the year ended September 30, 2020 and subsequent filings with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved. All forward-looking statements contained in this release are qualified by these cautionary statements and are made only as of the date of this release. The Company does not undertake any obligation to update or revise these forward-looking statements except as required by law. Media ContactsGagnier CommunicationsJeffrey Mathews / Dan Gagnier(646) 569-5711Barnwell@gagnierfc.com CONTACT:Alexander C. Kinzler Chief Executive Officer and President Russell M. Gifford Executive Vice President and Chief Financial Officer Tel: (808) 531-8400