Pathstone Holdings LLC Acquires 33,320 Shares of Permian Resources Co. (NYSE:PR)

Pathstone Holdings LLC boosted its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 29.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 145,193 shares of the company's stock after acquiring an additional 33,320 shares during the quarter. Pathstone Holdings LLC's holdings in Permian Resources were worth $1,976,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Quest Partners LLC purchased a new position in shares of Permian Resources during the third quarter valued at approximately $150,000. Swiss National Bank lifted its stake in Permian Resources by 9.3% in the 3rd quarter. Swiss National Bank now owns 1,010,748 shares of the company's stock valued at $13,756,000 after buying an additional 86,100 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of Permian Resources by 18.4% in the 3rd quarter. Mutual of America Capital Management LLC now owns 761,721 shares of the company's stock worth $10,367,000 after purchasing an additional 118,200 shares during the last quarter. Mount Lucas Management LP grew its position in shares of Permian Resources by 3.9% in the 3rd quarter. Mount Lucas Management LP now owns 102,701 shares of the company's stock worth $1,398,000 after acquiring an additional 3,821 shares in the last quarter. Finally, South Street Advisors LLC bought a new stake in Permian Resources during the third quarter valued at $7,142,000. Institutional investors own 91.84% of the company's stock.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 4,821 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 $67,156.53. Following the completion of the transaction, the executive vice president now directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 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 of the company's stock, valued at approximately $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 company insiders.

Wall Street Analysts Forecast Growth

PR has been the topic of several research analyst reports. The Goldman Sachs Group started coverage on shares of Permian Resources in a research report on Monday, September 30th. They issued a "buy" rating and a $19.00 price objective on the stock. UBS Group cut their price target on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, September 18th. Mizuho dropped their price objective on Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a report on Thursday, September 12th. Finally, Citigroup reduced their target price on shares of Permian Resources from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Two 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.93.

Permian Resources Stock Performance

Shares of Permian Resources stock traded down $0.05 during trading hours on Wednesday, reaching $15.59. The company had a trading volume of 5,069,000 shares, compared to its average volume of 10,013,071. The firm has a market cap of $12.52 billion, a PE ratio of 9.47, a price-to-earnings-growth ratio of 0.94 and a beta of 4.34. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The business has a fifty day simple moving average of $14.35 and a 200 day simple moving average of $14.92. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly 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. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the company earned $0.36 earnings per share. The business's revenue for the quarter was up 60.3% on a year-over-year basis. 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 was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.85%. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio is currently 36.36%.

About Permian Resources

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.