Sanders Morris Harris LLC Has $3.11 Million Stock Holdings in Permian Resources Co. (NYSE:PR)

Sanders Morris Harris LLC lessened its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 31.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 224,079 shares of the company's stock after selling 101,500 shares during the quarter. Sanders Morris Harris LLC's holdings in Permian Resources were worth $3,106,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Hexagon Capital Partners LLC increased its position in Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock worth $27,000 after buying an additional 1,998 shares during the period. ORG Wealth Partners LLC acquired a new position in shares of Permian Resources in the fourth quarter valued at about $31,000. UMB Bank n.a. increased its position in Permian Resources by 99.2% during the third 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 during the period. Sunbelt Securities Inc. raised its stake in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock worth $43,000 after purchasing an additional 800 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company's stock valued at $45,000 after purchasing an additional 2,629 shares during the period. Institutional investors own 91.84% of the company's stock.

Insiders Place Their Bets

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the firm's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 12.80% of the company's stock.

Permian Resources Trading Up 1.2 %

Shares of Permian Resources stock traded up $0.19 on Thursday, hitting $15.84. The stock had a trading volume of 7,789,358 shares, compared to its average volume of 8,239,366. The stock has a 50 day moving average of $14.88 and a 200 day moving average of $14.65. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a twelve month low of $12.59 and a twelve month high of $18.28. The firm has a market capitalization of $12.72 billion, a P/E ratio of 9.60, a PEG ratio of 0.88 and a beta of 4.32.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly 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 firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations 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 prior year, the company posted $0.36 EPS. Sell-side analysts expect that Permian Resources Co. will post 1.44 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced 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 is an increase from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 3.79%. Permian Resources's payout ratio is presently 36.36%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. The Goldman Sachs Group initiated coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a "buy" rating and a $19.00 price target on the stock. Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Tuesday, December 17th. Wells Fargo & Company reduced their target price on Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a report on Tuesday, October 1st. Finally, Truist Financial boosted their price target on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.06.

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.