Park Avenue Securities LLC Takes $236,000 Position in Permian Resources Co. (NASDAQ:PR)

Park Avenue Securities LLC bought a new position in shares of Permian Resources Co. (NASDAQ:PR) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,372 shares of the company’s stock, valued at approximately $236,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PR. Truist Financial Corp lifted its position in shares of Permian Resources by 9.4% during the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after buying an additional 1,086 shares during the last quarter. Parallel Advisors LLC lifted its position in 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 last quarter. Navellier & Associates Inc. boosted its stake in Permian Resources by 11.3% in the fourth quarter. Navellier & Associates Inc. now owns 11,688 shares of the company’s stock valued at $159,000 after acquiring an additional 1,187 shares in the last quarter. NBC Securities Inc. grew its holdings in shares of Permian Resources by 3.4% during the first quarter. NBC Securities Inc. now owns 39,257 shares of the company’s stock worth $693,000 after purchasing an additional 1,282 shares during the last quarter. Finally, Kapitalo Investimentos Ltda increased its position in shares of Permian Resources by 8.5% during the fourth quarter. Kapitalo Investimentos Ltda now owns 22,658 shares of the company’s stock worth $308,000 after purchasing an additional 1,775 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total value of $1,067,300.00. Following the sale, the director now owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Piper Sandler raised their price target on Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Bank of America reaffirmed a “buy” rating and issued a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. UBS Group upgraded shares of Permian Resources from a “neutral” rating to a “buy” rating and increased their price target for the stock from $20.00 to $21.00 in a research note on Friday, June 14th. Truist Financial lifted their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Finally, Stifel Nicolaus increased their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $20.31.

Permian Resources Stock Down 0.3 %

PR opened at $16.10 on Tuesday. The business has a 50 day simple moving average of $16.18 and a 200-day simple moving average of $15.45. Permian Resources Co. has a 12 month low of $10.31 and a 12 month high of $18.28. The stock has a market capitalization of $12.40 billion, a P/E ratio of 14.64, a P/E/G ratio of 0.63 and a beta of 4.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, equities analysts anticipate that Permian Resources Co. will post 1.78 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.49%. Permian Resources’s dividend payout ratio (DPR) 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.