Wright Investors Service Inc. Makes New Investment in Permian Resources Co. (NYSE:PR)

Wright Investors Service Inc. purchased a new stake in shares of Permian Resources Co. (NYSE:PR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 34,616 shares of the company's stock, valued at approximately $498,000.

A number of other hedge funds have also modified their holdings of PR. Commonwealth Equity Services LLC boosted its holdings in Permian Resources by 6.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 52,770 shares of the company's stock worth $852,000 after buying an additional 3,227 shares during the period. Federated Hermes Inc. lifted its position in shares of Permian Resources by 16.5% in the second quarter. Federated Hermes Inc. now owns 105,338 shares of the company's stock valued at $1,701,000 after acquiring an additional 14,947 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Permian Resources by 9.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company's stock worth $268,213,000 after acquiring an additional 1,471,833 shares during the period. Quantbot Technologies LP grew its position in shares of Permian Resources by 54.3% during the second quarter. Quantbot Technologies LP now owns 558,579 shares of the company's stock worth $9,021,000 after purchasing an additional 196,542 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Guy M. Oliphint sold 8,761 shares of the firm's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 12.80% of the stock is currently owned by insiders.

Permian Resources Trading Up 0.6 %

Shares of PR stock traded up $0.09 during trading hours on Tuesday, reaching $15.48. 7,486,406 shares of the stock were exchanged, compared to its average volume of 8,445,813. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12-month low of $12.59 and a 12-month high of $18.28. The firm has a market capitalization of $12.44 billion, a price-to-earnings ratio of 9.38, a price-to-earnings-growth ratio of 0.88 and a beta of 4.32. The company's 50-day moving average price is $14.82 and its 200-day moving average price is $14.64.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The company's revenue for the quarter was up 60.3% on a year-over-year basis. As a group, equities analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

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

Wall Street Analyst Weigh In

PR has been the subject of a number of research analyst reports. Wells Fargo & Company cut their price objective on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a report on Tuesday, October 1st. Truist Financial raised their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday. Benchmark dropped their price objective on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. Mizuho reduced their target price on Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, September 16th. Finally, UBS Group dropped their price target on Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources currently has a consensus rating of "Moderate Buy" and a consensus price target 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.