Wedbush Securities Inc. Grows Position in Permian Resources Co. (NASDAQ:PR)

Wedbush Securities Inc. grew its stake in shares of Permian Resources Co. (NASDAQ:PR) by 37.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 75,018 shares of the company’s stock after purchasing an additional 20,349 shares during the quarter. Wedbush Securities Inc.’s holdings in Permian Resources were worth $1,212,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Mount Lucas Management LP boosted its stake in shares of Permian Resources by 94.8% during the second quarter. Mount Lucas Management LP now owns 98,880 shares of the company’s stock valued at $1,597,000 after purchasing an additional 48,116 shares during the period. New Mexico Educational Retirement Board raised its holdings in shares of Permian Resources by 12.7% during the second quarter. New Mexico Educational Retirement Board now owns 97,500 shares of the company’s stock valued at $1,575,000 after acquiring an additional 11,000 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Permian Resources during the second quarter valued at approximately $410,000. Arizona State Retirement System raised its holdings in shares of Permian Resources by 10.8% during the second quarter. Arizona State Retirement System now owns 131,607 shares of the company’s stock valued at $2,125,000 after acquiring an additional 12,850 shares in the last quarter. Finally, Ovata Capital Management Ltd bought a new position in shares of Permian Resources during the second quarter valued at approximately $1,615,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PR. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Wednesday, July 3rd. Citigroup decreased their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Bank of America restated a “buy” rating and set a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. Piper Sandler decreased their price objective on Permian Resources from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Finally, Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.93.

Permian Resources Price Performance

Shares of NASDAQ:PR opened at $12.90 on Wednesday. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The business has a fifty day moving average price of $14.95 and a 200-day moving average price of $15.95. The company has a market capitalization of $9.93 billion, a PE ratio of 11.73, a PEG ratio of 0.72 and a beta of 4.33.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period last year, the company earned $0.27 earnings per share. The company’s revenue was up 99.9% on a year-over-year basis. As a group, equities analysts expect that Permian Resources Co. will post 1.63 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were given a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.86%. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Insider Activity at Permian Resources

In related news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

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.