Eagle Asset Management Inc. Sells 640,555 Shares of Permian Resources Co. (NYSE:PR)

Eagle Asset Management Inc. lowered its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 8.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,838,724 shares of the company's stock after selling 640,555 shares during the quarter. Eagle Asset Management Inc. owned approximately 0.85% of Permian Resources worth $102,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hexagon Capital Partners LLC increased its position 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 worth $27,000 after purchasing an additional 1,998 shares during the last quarter. Innealta Capital LLC acquired a new stake in Permian Resources during the second quarter valued at approximately $30,000. Transcendent Capital Group LLC bought a new position in Permian Resources during the 1st quarter worth approximately $36,000. UMB Bank n.a. grew its position 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 worth $38,000 after acquiring an additional 1,390 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in shares of Permian Resources in the 2nd quarter valued at approximately $40,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Trading Up 1.2 %

PR traded up $0.19 during trading on Friday, reaching $16.18. The company had a trading volume of 5,458,953 shares, compared to its average volume of 10,013,139. The firm's 50-day simple moving average is $14.22 and its 200 day simple moving average is $14.98. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market cap of $13.00 billion, a price-to-earnings ratio of 9.68, a PEG ratio of 0.91 and a beta of 4.34. 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 announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company's revenue was up 60.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 EPS. Equities research analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 14th. This is an increase from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.71%. Permian Resources's dividend payout ratio (DPR) is 36.36%.

Wall Street Analyst Weigh In

PR has been the topic of several research analyst reports. Truist Financial raised their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. The Goldman Sachs Group started coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a "buy" rating and a $19.00 price objective for the company. Wells Fargo & Company cut their target price on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a report on Tuesday, October 1st. Mizuho decreased their target price on Permian Resources from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Monday, September 16th. Finally, Benchmark dropped their price target on Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of "Moderate Buy" and an average price target of $18.93.

Insider Activity at Permian Resources

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

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.