Sumitomo Mitsui Trust Group Inc. Makes New $633,000 Investment in Permian Resources Co. (NYSE:PR)

Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Permian Resources Co. (NYSE:PR - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 46,501 shares of the company's stock, valued at approximately $633,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new position in Permian Resources during the second quarter worth about $30,000. Hexagon Capital Partners LLC raised its stake in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock worth $27,000 after purchasing an additional 1,998 shares during the period. Transcendent Capital Group LLC purchased a new position in Permian Resources during the first quarter worth approximately $36,000. Gilliland Jeter Wealth Management LLC purchased a new position in Permian Resources during the second quarter worth approximately $40,000. Finally, UMB Bank n.a. raised its stake in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock valued at $38,000 after acquiring an additional 1,390 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PR shares. The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They set a "buy" rating and a $19.00 price target for the company. Piper Sandler raised their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Monday. Mizuho reduced their price target on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada restated an "outperform" rating and issued a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. reduced their price target 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 issued a buy rating and one has issued 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.

Insider Buying and Selling

In other news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The trade was a 7.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. This trade 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 corporate insiders.

Permian Resources Trading Up 2.1 %

Shares of PR stock traded up $0.32 during trading hours on Wednesday, reaching $15.45. 3,756,378 shares of the stock traded hands, compared to its average volume of 10,028,535. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $12.41 billion, a PE ratio of 9.36, a PEG ratio of 0.89 and a beta of 4.34. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The business has a fifty day moving average price of $14.17 and a 200 day moving average price of $14.97.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be issued a $0.15 dividend. This is an increase from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Thursday, November 14th. Permian Resources's payout ratio is presently 36.36%.

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.