Hsbc Holdings PLC Decreases Position in Permian Resources Co. (NYSE:PR)

Hsbc Holdings PLC trimmed its holdings in shares of Permian Resources Co. (NYSE:PR) by 67.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,341 shares of the company’s stock after selling 29,990 shares during the period. Hsbc Holdings PLC’s holdings in Permian Resources were worth $232,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. YHB Investment Advisors Inc. purchased a new position in shares of Permian Resources in the first quarter worth $26,000. Parallel Advisors LLC increased its position in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after acquiring an additional 1,178 shares during the period. Innealta Capital LLC bought a new position in shares of Permian Resources during the second quarter valued at about $30,000. Rise Advisors LLC purchased a new stake in shares of Permian Resources during the first quarter worth about $32,000. Finally, Transcendent Capital Group LLC bought a new stake in shares of Permian Resources in the first quarter worth about $36,000. 91.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on PR. Mizuho lowered their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. UBS Group dropped their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Royal Bank of Canada reissued an “outperform” rating and set a $20.00 price objective on shares of Permian Resources in a research report on Monday, August 12th. Susquehanna dropped their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Finally, Truist Financial reduced their price target on shares of Permian Resources from $22.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and an average price target of $19.20.

Permian Resources Stock Up 2.4 %

Shares of NYSE:PR opened at $14.69 on Friday. 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 stock has a fifty day simple moving average of $14.11 and a two-hundred day simple moving average of $15.70. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28. The stock has a market capitalization of $11.31 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 0.78 and a beta of 4.32.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the previous year, the firm earned $0.27 EPS. Permian Resources’s quarterly revenue was up 99.9% compared to the same quarter last year. On average, research analysts anticipate that Permian Resources Co. will post 1.53 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s payout ratio is 21.82%.

Insider Activity at Permian Resources

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 transaction of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction that occurred 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 sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the business’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 sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by 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.