Dana Investment Advisors Inc. Lowers Stock Holdings in Permian Resources Co. (NYSE:PR)

Dana Investment Advisors Inc. lessened its stake in shares of Permian Resources Co. (NYSE:PR) by 1.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 662,446 shares of the company’s stock after selling 8,839 shares during the quarter. Dana Investment Advisors Inc.’s holdings in Permian Resources were worth $10,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares during the period. OnyxPoint Global Management LP acquired a new position in shares of Permian Resources during the fourth quarter worth about $114,159,000. Price T Rowe Associates Inc. MD raised its holdings in Permian Resources by 480.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after purchasing an additional 5,012,287 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares during the period. Finally, Merewether Investment Management LP boosted its holdings in Permian Resources by 148.1% in the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after purchasing an additional 3,522,300 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 4,821 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 transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, 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 transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Robert Regan Shannon sold 4,822 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 value of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PR. Susquehanna reduced their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Citigroup reduced 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. BMO Capital Markets upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Wednesday, July 3rd. Bank of America reiterated a “buy” rating and issued a $20.00 price target on shares of Permian Resources in a report on Friday, June 14th. Finally, Piper Sandler decreased their price objective 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. Two 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.20.

Permian Resources Stock Up 0.7 %

Shares of NYSE:PR opened at $13.61 on Tuesday. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The firm has a market cap of $10.48 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 0.81 and a beta of 4.33. The stock’s 50-day moving average price is $14.20 and its two-hundred day moving average price is $15.74. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28.

Permian Resources (NYSE:PR) last announced 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 company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. Permian Resources’s revenue for the quarter was up 99.9% on a year-over-year basis. During the same quarter last year, the business earned $0.27 EPS. On average, research analysts forecast that Permian Resources Co. will post 1.53 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 annualized dividend and a yield of 1.76%. Permian Resources’s payout ratio is 21.82%.

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.