NBC Securities Inc. Increases Holdings in Permian Resources Co. (NASDAQ:PR)

NBC Securities Inc. increased its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 3.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 39,257 shares of the company’s stock after purchasing an additional 1,282 shares during the period. NBC Securities Inc.’s holdings in Permian Resources were worth $693,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its position in Permian Resources by 47.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock valued at $23,466,000 after buying an additional 554,694 shares during the last quarter. Mount Lucas Management LP purchased a new position in Permian Resources in the 4th quarter valued at about $746,000. Tower Research Capital LLC TRC boosted its position in Permian Resources by 317.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock valued at $338,000 after buying an additional 18,398 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Permian Resources by 74.2% during the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after purchasing an additional 149,851 shares during the last quarter. Finally, DRW Securities LLC bought a new position in shares of Permian Resources during the fourth quarter worth about $1,904,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on PR shares. Susquehanna increased their price target on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Piper Sandler increased their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Citigroup increased their price target on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Finally, Stifel Nicolaus increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources currently has a consensus rating of “Buy” and an average target price of $20.31.

Insider Activity

In other news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the transaction, the director now directly owns 158,665 shares in the company, valued at $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

PR opened at $15.42 on Thursday. The company’s 50-day moving average price is $16.50 and its 200 day moving average price is $15.27. Permian Resources Co. has a fifty-two week low of $9.79 and a fifty-two week high of $18.28. The firm has a market cap of $11.87 billion, a price-to-earnings ratio of 14.02, a price-to-earnings-growth ratio of 0.60 and a beta of 4.26. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. As a group, sell-side analysts expect that Permian Resources Co. will post 1.78 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.24 annualized dividend and a dividend yield of 1.56%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is presently 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.