Icon Wealth Advisors LLC Lowers Position in Permian Resources Co. (NYSE:PR)

Icon Wealth Advisors LLC lessened its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 95.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,380 shares of the company's stock after selling 123,151 shares during the quarter. Icon Wealth Advisors LLC's holdings in Permian Resources were worth $87,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in Permian Resources by 480.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company's stock valued at $106,924,000 after purchasing an additional 5,012,287 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Permian Resources by 59.6% during the second 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 grew 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 worth $95,292,000 after buying an additional 3,522,300 shares in the last quarter. Point72 Asset Management L.P. raised its position in Permian Resources by 16,359.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company's stock valued at $56,089,000 after buying an additional 3,451,923 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock valued at $147,107,000 after acquiring an additional 1,555,884 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several analysts have recently commented on PR shares. Benchmark lowered their target price on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. JPMorgan Chase & Co. decreased their price objective on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a research note on Thursday, September 12th. Piper Sandler upped their target price on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Monday, November 18th. UBS Group cut their price objective 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. Finally, Citigroup decreased their target price on Permian Resources from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $18.93.

Permian Resources Price Performance

Shares of NYSE:PR traded down $0.53 on Monday, hitting $15.68. The company's stock had a trading volume of 12,481,314 shares, compared to its average volume of 10,050,688. The company has a market capitalization of $12.60 billion, a PE ratio of 9.91, a PEG ratio of 0.97 and a beta of 4.34. 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 company has a 50-day simple moving average of $14.28 and a 200 day simple moving average of $14.93. Permian Resources Co. has a 1 year low of $12.34 and a 1 year 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 business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources's revenue for the quarter was up 60.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. Sell-side analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a dividend of $0.15 per share. The ex-dividend date was 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 dividend yield of 3.83%. Permian Resources's dividend payout ratio is 36.36%.

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.