Oppenheimer Asset Management Inc. Makes New Investment in Permian Resources Co. (NYSE:PR)

Oppenheimer Asset Management Inc. bought a new position in shares of Permian Resources Co. (NYSE:PR - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 40,888 shares of the company's stock, valued at approximately $556,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. Hexagon Capital Partners LLC lifted its holdings in shares of Permian Resources by 28,542.9% in 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 in the last quarter. Innealta Capital LLC acquired a new position in Permian Resources during the second quarter worth $30,000. Transcendent Capital Group LLC acquired a new stake in shares of Permian Resources in the first quarter valued at about $36,000. UMB Bank n.a. grew its position in shares of Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock valued at $38,000 after purchasing an additional 1,390 shares during the last quarter. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in Permian Resources during the second quarter worth about $40,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

PR traded up $0.32 on Wednesday, reaching $15.45. The company had a trading volume of 3,756,378 shares, compared to its average volume of 10,028,535. The company's fifty day moving average is $14.17 and its 200 day moving average is $14.97. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. 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 stock has a market cap of $12.41 billion, a P/E ratio of 9.36, a P/E/G ratio of 0.89 and a beta of 4.34.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 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 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 firm's revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 EPS. As a group, analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm 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 is Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.88%. This is an increase from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio (DPR) is presently 36.36%.

Insider Activity

In related news, CAO Robert Regan Shannon sold 4,822 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction 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. This trade represents a 7.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Charles Bell sold 4,821 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now directly 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.

Analyst Ratings Changes

A number of research analysts have commented on PR shares. Wells Fargo & Company cut their price target on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a research note on Tuesday, October 1st. Mizuho cut their target price on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Monday, September 16th. Royal Bank of Canada reiterated an "outperform" rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Truist Financial raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a report on Friday, November 8th. Finally, UBS Group lowered their price target on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company 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.