NBC Securities Inc. Has $693,000 Stake in Permian Resources Co. (NASDAQ:PR)

NBC Securities Inc. increased its stake in shares of Permian Resources Co. (NASDAQ:PR) by 3.4% during the first quarter, HoldingsChannel reports. The fund owned 39,257 shares of the company’s stock after buying an additional 1,282 shares during the period. NBC Securities Inc.’s holdings in Permian Resources were worth $693,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PR. Parallel Advisors LLC raised its holdings in shares of Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after acquiring an additional 1,178 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of Permian Resources in the 4th quarter valued at about $33,000. GAMMA Investing LLC bought a new position in shares of Permian Resources in the 4th quarter valued at about $43,000. Tradition Wealth Management LLC bought a new position in shares of Permian Resources in the 4th quarter valued at about $48,000. Finally, Optimum Investment Advisors bought a new position in shares of Permian Resources in the 4th quarter valued at about $50,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PR. Mizuho lifted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Permian Resources in a report on Tuesday, April 23rd. JPMorgan Chase & Co. lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Finally, Bank of America reaffirmed a “buy” rating and set a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $20.31.

Permian Resources Stock Performance

NASDAQ PR opened at $15.42 on Thursday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $11.87 billion, a P/E ratio of 14.02, a P/E/G ratio of 0.60 and a beta of 4.26. Permian Resources Co. has a 12-month low of $9.79 and a 12-month high of $18.28. The firm has a 50-day moving average price of $16.50 and a two-hundred day moving average price of $15.27.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. Analysts anticipate that Permian Resources Co. will post 1.78 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were issued a $0.06 dividend. The ex-dividend date was Monday, May 20th. This represents a $0.24 dividend on an annualized basis and a yield of 1.56%. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s payout ratio is currently 21.82%.

Insider Buying and Selling at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the transaction, the director now directly owns 158,665 shares in the company, valued at approximately $2,605,279.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 12.80% of the company’s stock.

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.