Beck Capital Management LLC reduced its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 50.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 86,938 shares of the company's stock after selling 88,885 shares during the quarter. Beck Capital Management LLC's holdings in Permian Resources were worth $1,183,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of PR. Bank of New York Mellon Corp lifted its position in shares of Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock valued at $194,585,000 after buying an additional 4,497,184 shares during the last quarter. Merewether Investment Management LP lifted its holdings in Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock valued at $95,292,000 after purchasing an additional 3,522,300 shares during the last quarter. Point72 Asset Management L.P. increased its stake in shares of Permian Resources by 16,359.8% in the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company's stock worth $56,089,000 after purchasing an additional 3,451,923 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company's stock valued at $247,042,000 after buying an additional 1,543,854 shares in the last quarter. Institutional investors own 91.84% of the company's stock.
Permian Resources Price Performance
Shares of PR traded down $0.38 during midday trading on Monday, reaching $15.28. The stock had a trading volume of 7,381,688 shares, compared to its average volume of 9,974,865. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $12.28 billion, a price-to-earnings ratio of 9.27, a price-to-earnings-growth ratio of 0.94 and a beta of 4.34. The company's 50-day moving average is $14.45 and its 200 day moving average is $14.89. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28.
Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources's revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. On average, equities analysts predict that Permian Resources Co. will post 1.47 EPS for the current fiscal year.
Permian Resources Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio (DPR) is presently 36.36%.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Truist Financial raised their target price on Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. UBS Group decreased their price target on Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, September 18th. Piper Sandler boosted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a research note on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.93.
Check Out Our Latest Research Report on PR
Insiders Place Their Bets
In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares of the company's stock, valued at $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company's stock, valued at $1,075,911.41. The trade was a 5.88 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.
About Permian Resources
(
Free Report)
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.
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