Cerity Partners LLC Boosts Position in Permian Resources Co. (NYSE:PR)

Cerity Partners LLC raised its stake in Permian Resources Co. (NYSE:PR) by 13.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 482,291 shares of the company’s stock after buying an additional 58,238 shares during the period. Cerity Partners LLC owned about 0.06% of Permian Resources worth $6,564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Hexagon Capital Partners LLC increased its stake in shares of Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after buying an additional 1,998 shares during the period. Innealta Capital LLC purchased a new position in Permian Resources during the 2nd quarter valued at about $30,000. UMB Bank n.a. increased its position in Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares during the period. Gilliland Jeter Wealth Management LLC bought a new stake in shares of Permian Resources in the 2nd quarter valued at about $40,000. Finally, Blue Trust Inc. lifted its position in shares of Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after purchasing an additional 2,629 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Insider Transactions at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated 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 transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 5.88 % 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.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. The Goldman Sachs Group started coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 target price on the stock. Truist Financial boosted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. UBS Group lowered their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Mizuho reduced their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Price Performance

Shares of NYSE PR opened at $15.57 on Thursday. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market cap of $12.51 billion, a P/E ratio of 9.44, a P/E/G ratio of 0.94 and a beta of 4.34. The business’s 50 day moving average price is $14.35 and its 200 day moving average price is $14.92.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The firm 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 business’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 earnings per share. On average, sell-side analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 36.36%.

Permian Resources 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.