US Bancorp DE Sells 26,973 Shares of Permian Resources Co. (NYSE:PR)

US Bancorp DE decreased its stake in Permian Resources Co. (NYSE:PR) by 73.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,642 shares of the company’s stock after selling 26,973 shares during the period. US Bancorp DE’s holdings in Permian Resources were worth $131,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Hexagon Capital Partners LLC lifted its stake in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Permian Resources in the second quarter valued at approximately $30,000. Transcendent Capital Group LLC bought a new position in shares of Permian Resources during the 1st quarter worth approximately $36,000. UMB Bank n.a. increased its holdings in shares of Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after acquiring an additional 1,390 shares during the last quarter. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in Permian Resources in the 2nd quarter valued at $40,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. Piper Sandler reduced their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. Citigroup reduced their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Benchmark decreased their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, Susquehanna dropped their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Two 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.87.

Permian Resources Trading Down 2.5 %

PR opened at $14.80 on Friday. The stock has a market cap of $11.88 billion, a PE ratio of 8.97, a price-to-earnings-growth ratio of 0.91 and a beta of 4.34. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28. The company has a fifty day moving average of $14.03 and a 200-day moving average of $15.01.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) 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 analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 EPS. On average, sell-side analysts predict that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

Insider Activity

In related news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The stock was 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 directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

About Permian Resources

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.