MorganRosel Wealth Management LLC Buys New Shares in Permian Resources Co. (NASDAQ:PR)

MorganRosel Wealth Management LLC bought a new stake in Permian Resources Co. (NASDAQ:PR) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 41,516 shares of the company’s stock, valued at approximately $733,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in shares of Permian Resources by 47.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock valued at $23,466,000 after purchasing an additional 554,694 shares during the period. Mount Lucas Management LP acquired a new position in shares of Permian Resources during the fourth quarter valued at about $746,000. Tower Research Capital LLC TRC raised its holdings in shares of Permian Resources by 317.9% during the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock valued at $338,000 after purchasing an additional 18,398 shares during the period. DRW Securities LLC bought a new stake in shares of Permian Resources during the fourth quarter worth about $1,904,000. Finally, Franklin Resources Inc. increased its position in shares of Permian Resources by 74.2% during the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after acquiring an additional 149,851 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Bank of America reissued a “buy” rating and set a $20.00 target price on shares of Permian Resources in a research report on Friday, June 14th. Benchmark reissued a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research report on Tuesday, April 23rd. UBS Group raised shares of Permian Resources from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $20.00 to $21.00 in a research report on Friday, June 14th. Stifel Nicolaus boosted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Susquehanna boosted their target price on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. One equities research analyst has rated the stock with a hold rating, twelve 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 stock currently has a consensus rating of “Buy” and an average price target of $20.31.

Permian Resources Stock Down 0.6 %

PR opened at $16.05 on Monday. 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 stock has a market cap of $12.36 billion, a price-to-earnings ratio of 11.54, a PEG ratio of 0.63 and a beta of 4.37. Permian Resources Co. has a twelve month low of $10.31 and a twelve month high of $18.28. The company’s 50-day moving average price is $16.20 and its two-hundred day moving average price is $15.43.

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

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.50%. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, May 20th. Permian Resources’s payout ratio is presently 21.82%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 158,665 shares in the company, valued at $2,605,279.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate 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.