Advisors Asset Management Inc. Raises Holdings in Permian Resources Co. (NYSE:PR)

Advisors Asset Management Inc. boosted its stake in shares of Permian Resources Co. (NYSE:PR) by 38.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,463 shares of the company’s stock after purchasing an additional 33,992 shares during the quarter. Advisors Asset Management Inc.’s holdings in Permian Resources were worth $1,667,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of PR. Hexagon Capital Partners LLC increased its holdings in shares of Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after acquiring an additional 1,998 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Permian Resources in the 2nd quarter valued at about $30,000. UMB Bank n.a. increased its holdings in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after acquiring an additional 1,390 shares during the last quarter. Gilliland Jeter Wealth Management LLC purchased a new position in shares of Permian Resources in the 2nd quarter valued at about $40,000. Finally, Blue Trust Inc. increased its holdings in shares of Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after acquiring an additional 2,629 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. The trade was a 7.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

NYSE:PR opened at $16.21 on Monday. The firm’s fifty day moving average price is $14.28 and its 200 day moving average price is $14.93. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market cap of $13.02 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 0.96 and a beta of 4.34.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the firm posted $0.36 EPS. Permian Resources’s quarterly revenue was up 60.3% on a year-over-year basis. On average, sell-side analysts expect that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Thursday, November 14th. Permian Resources’s payout ratio is presently 36.36%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PR shares. Mizuho dropped their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Citigroup dropped their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Truist Financial boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Benchmark cut their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Finally, Piper Sandler lifted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.