Nordea Investment Management AB Increases Stake in Permian Resources Co. (NYSE:PR)

Nordea Investment Management AB raised its holdings in shares of Permian Resources Co. (NYSE:PR) by 1.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 278,054 shares of the company’s stock after acquiring an additional 4,115 shares during the quarter. Nordea Investment Management AB’s holdings in Permian Resources were worth $4,007,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Hexagon Capital Partners LLC grew its position in shares of Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares in the last quarter. UMB Bank n.a. boosted its stake in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after purchasing an additional 1,390 shares during the period. Sunbelt Securities Inc. boosted its stake in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after purchasing an additional 800 shares during the period. Blue Trust Inc. grew its holdings in Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after buying an additional 2,629 shares in the last quarter. Finally, National Bank of Canada FI bought a new stake in shares of Permian Resources during the third quarter valued at about $45,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on PR shares. Morgan Stanley began coverage on shares of Permian Resources in a research note on Friday. They set an “overweight” rating and a $19.00 price objective for the company. Wells Fargo & Company decreased their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Mizuho lowered their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. The Goldman Sachs Group began coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 target price for the company. Finally, UBS Group lowered their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $18.88.

Permian Resources Stock Up 1.1 %

Shares of NYSE PR opened at $15.15 on Friday. The stock has a market capitalization of $12.17 billion, a P/E ratio of 9.18, a PEG ratio of 0.88 and a beta of 4.32. Permian Resources Co. has a one year low of $12.59 and a one year high of $18.28. The firm’s 50 day simple moving average is $14.79 and its two-hundred day simple moving average is $14.66. 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 (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate 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 net margin of 21.20% and a return on equity of 11.15%. The firm’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 EPS. As a group, analysts expect that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 36.36%.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 12.80% of the stock is currently owned by company insiders.

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.