Wedmont Private Capital Acquires Shares of 14,626 Permian Resources Co. (NYSE:PR)

Wedmont Private Capital bought a new position in Permian Resources Co. (NYSE:PR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 14,626 shares of the company’s stock, valued at approximately $218,000.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in Permian Resources by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after purchasing an additional 5,432,654 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Permian Resources by 9.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after buying an additional 1,471,833 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after acquiring an additional 4,497,184 shares during the last quarter. Renaissance Technologies LLC increased its position in Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after acquiring an additional 1,555,884 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Permian Resources by 480.9% in 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 acquiring an additional 5,012,287 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 4,821 shares of the 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 completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP John Charles Bell sold 4,821 shares of the firm’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 $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Permian Resources Stock Up 0.8 %

NYSE:PR opened at $14.52 on Monday. Permian Resources Co. has a 1 year low of $12.34 and a 1 year high of $18.28. The stock has a 50-day moving average price of $14.06 and a two-hundred day moving average price of $15.57. The stock has a market cap of $11.65 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 0.85 and a beta of 4.32. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. Permian Resources’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.27 EPS. As a group, equities analysts expect that Permian Resources Co. will post 1.49 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were given a $0.06 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.24 annualized dividend and a yield of 1.65%. Permian Resources’s dividend payout ratio is currently 19.20%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Truist Financial lowered their price target on shares of Permian Resources from $22.00 to $18.00 and set a “buy” rating for the company in a report on Monday, September 30th. Wells Fargo & Company dropped their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 price target on shares of Permian Resources in a report on Monday, August 12th. Mizuho dropped their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, Citigroup lowered their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two equities 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.20.

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.