Edge Capital Group LLC Takes Position in Permian Resources Co. (NASDAQ:PR)

Edge Capital Group LLC acquired a new position in Permian Resources Co. (NASDAQ:PR) during the second quarter, HoldingsChannel reports. The fund acquired 139,545 shares of the company’s stock, valued at approximately $2,254,000.

A number of other institutional investors have also made changes to their positions in the business. DRW Securities LLC acquired a new stake in Permian Resources in the fourth quarter worth about $1,904,000. Franklin Resources Inc. lifted its holdings in Permian Resources by 74.2% in the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock valued at $4,783,000 after buying an additional 149,851 shares during the period. American International Group Inc. grew its holdings in Permian Resources by 10.4% during the 1st quarter. American International Group Inc. now owns 830,432 shares of the company’s stock worth $14,665,000 after acquiring an additional 78,146 shares during the period. Retirement Systems of Alabama increased its holdings in Permian Resources by 22.4% in the first quarter. Retirement Systems of Alabama now owns 577,336 shares of the company’s stock valued at $10,196,000 after purchasing an additional 105,565 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after buying an additional 19,847,358 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

Shares of NASDAQ PR opened at $13.90 on Friday. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The stock has a market capitalization of $10.70 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.77 and a beta of 4.33. 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 50-day moving average of $14.51 and a 200-day moving average of $15.84.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business’s revenue was up 99.9% compared to the same quarter last year. During the same period last year, the company earned $0.27 earnings per share. As a group, sell-side analysts predict that Permian Resources Co. will post 1.57 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.73%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction 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. Corporate insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PR shares. 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 research report on Wednesday, July 3rd. Piper Sandler cut their target price on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Benchmark reissued a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a report on Wednesday, August 7th. Mizuho dropped their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, UBS Group decreased their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

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.