Empowered Funds LLC Makes New Investment in Permian Resources Co. (NYSE:PR)

Empowered Funds LLC acquired a new stake in shares of Permian Resources Co. (NYSE:PR - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 195,144 shares of the company's stock, valued at approximately $2,656,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Innealta Capital LLC bought a new stake in shares of Permian Resources during the 2nd quarter valued at about $30,000. Hexagon Capital Partners LLC lifted its position in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock valued at $27,000 after purchasing an additional 1,998 shares during the last quarter. Transcendent Capital Group LLC purchased a new position in Permian Resources in the 1st quarter worth approximately $36,000. Gilliland Jeter Wealth Management LLC bought a new position in shares of Permian Resources in the 2nd quarter worth $40,000. Finally, UMB Bank n.a. raised its position in shares of Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock valued at $38,000 after buying an additional 1,390 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PR shares. Benchmark cut their target price on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, October 16th. Piper Sandler increased their price objective on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Monday. JPMorgan Chase & Co. dropped their target price on Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a research report on Thursday, September 12th. Susquehanna cut their target price on Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Permian Resources presently has an average rating of "Moderate Buy" and a consensus target price of $18.93.

Permian Resources Trading Up 1.3 %

Shares of NYSE PR traded up $0.19 during trading hours on Wednesday, hitting $15.32. The company's stock had a trading volume of 1,280,172 shares, compared to its average volume of 10,017,529. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The stock has a market cap of $12.31 billion, a price-to-earnings ratio of 9.17, a P/E/G ratio of 0.89 and a beta of 4.34. 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 business has a 50-day simple moving average of $14.12 and a 200-day simple moving average of $14.97.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion for 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%. The business's quarterly revenue was up 60.3% compared to the same quarter last year. During the same period last year, the company earned $0.36 EPS. On average, analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 3.92%. Permian Resources's dividend payout ratio is 36.36%.

Permian Resources 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.