SevenBridge Financial Group LLC Takes Position in Permian Resources Co. (NYSE:PR)

SevenBridge Financial Group LLC bought a new position 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 firm bought 55,356 shares of the company's stock, valued at approximately $836,000.

Several other large investors have also recently made changes to their positions in the stock. Hexagon Capital Partners LLC lifted its holdings 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 in the last quarter. Innealta Capital LLC purchased a new position in Permian Resources in the second quarter valued at $30,000. Transcendent Capital Group LLC acquired a new position in Permian Resources during the 1st quarter worth $36,000. UMB Bank n.a. increased its holdings in Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock worth $38,000 after purchasing an additional 1,390 shares during the period. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in Permian Resources in the 2nd quarter valued at about $40,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PR shares. Benchmark lowered their price objective on Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, October 16th. Truist Financial boosted their target price on Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Mizuho cut their target price on Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday, September 16th. The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a "buy" rating and a $19.00 target price for the company. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a research report on Thursday, September 12th. Two 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $18.93.

Permian Resources Trading Up 1.4 %

NYSE:PR traded up $0.22 during trading hours on Friday, reaching $16.21. 11,552,035 shares of the company were exchanged, compared to its average volume of 9,466,653. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28. The firm has a market cap of $13.02 billion, a price-to-earnings ratio of 9.82, a PEG ratio of 0.96 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 stock has a 50 day simple moving average of $14.28 and a 200 day simple moving average of $14.93.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion during 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 firm's revenue was up 60.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 earnings per share. As a group, analysts predict that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.70%. This is a boost from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources's payout ratio is 36.36%.

Insiders Place Their Bets

In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Charles Bell sold 4,821 shares of the company'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 $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

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.