Permian Resources Co. (NYSE:PR) Shares Purchased by Advisors Asset Management Inc.

Advisors Asset Management Inc. increased its position in shares of Permian Resources Co. (NYSE:PR) by 38.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 122,463 shares of the company’s stock after purchasing an additional 33,992 shares during the quarter. Advisors Asset Management Inc.’s holdings in Permian Resources were worth $1,667,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. SCP Investment LP lifted its holdings in shares of Permian Resources by 6.7% during the third quarter. SCP Investment LP now owns 28,600 shares of the company’s stock worth $389,000 after purchasing an additional 1,800 shares during the period. Jennison Associates LLC lifted its holdings in Permian Resources by 14.5% in the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after acquiring an additional 966,940 shares during the period. Avior Wealth Management LLC lifted its holdings in Permian Resources by 0.9% in the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock valued at $1,560,000 after acquiring an additional 1,007 shares during the period. Pathstone Holdings LLC lifted its holdings in Permian Resources by 29.8% in the third quarter. Pathstone Holdings LLC now owns 145,193 shares of the company’s stock valued at $1,976,000 after acquiring an additional 33,320 shares during the period. Finally, Quest Partners LLC acquired a new position in Permian Resources in the third quarter valued at approximately $150,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insiders Place Their Bets

In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value 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. This represents a 5.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on PR. JPMorgan Chase & Co. decreased their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Benchmark decreased their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Citigroup cut their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. Finally, Truist Financial boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Stock Up 1.4 %

Shares of PR opened at $16.21 on Monday. The stock has a 50 day moving average price of $14.28 and a 200 day moving average price of $14.93. The stock has a market capitalization of $13.02 billion, a price-to-earnings ratio of 9.82, a PEG ratio of 0.96 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 earnings per share. Equities research analysts forecast that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.70%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 36.36%.

About Permian Resources

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.