Pathstone Holdings LLC Buys 33,320 Shares of Permian Resources Co. (NYSE:PR)

Pathstone Holdings LLC grew its stake in Permian Resources Co. (NYSE:PR) by 29.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 145,193 shares of the company’s stock after purchasing an additional 33,320 shares during the quarter. Pathstone Holdings LLC’s holdings in Permian Resources were worth $1,976,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Simplicity Wealth LLC grew its holdings in Permian Resources by 5.2% in the 2nd quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after buying an additional 646 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Permian Resources by 19.6% in the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock valued at $70,000 after acquiring an additional 716 shares in the last quarter. Larson Financial Group LLC increased its position in Permian Resources by 0.5% during the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock worth $3,379,000 after acquiring an additional 949 shares during the period. Nisa Investment Advisors LLC raised its stake in Permian Resources by 17.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock worth $110,000 after purchasing an additional 1,032 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Permian Resources by 9.7% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,939 shares of the company’s stock valued at $209,000 after purchasing an additional 1,147 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $15.65 on Wednesday. The company’s 50 day moving average price is $14.32 and its two-hundred day moving average price is $14.92. The firm has a market capitalization of $12.57 billion, a P/E ratio of 9.48, a P/E/G ratio of 0.97 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The business’s revenue for the quarter was up 60.3% compared to the same quarter last year. On average, equities analysts forecast that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 3.83%. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction that occurred on 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 trade was a 7.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly 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 disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PR shares. Piper Sandler raised their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Citigroup dropped their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. JPMorgan Chase & Co. reduced their target price on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Truist Financial boosted their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

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.