Atria Investments Inc Acquires Shares of 30,605 Permian Resources Co. (NYSE:PR)

Atria Investments Inc bought a new position in shares of Permian Resources Co. (NYSE:PR) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 30,605 shares of the company’s stock, valued at approximately $417,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EntryPoint Capital LLC acquired a new stake in shares of Permian Resources during the first quarter worth $71,000. Advisors Asset Management Inc. grew its stake in shares of Permian Resources by 101.2% during the first quarter. Advisors Asset Management Inc. now owns 39,576 shares of the company’s stock worth $699,000 after purchasing an additional 19,909 shares during the period. Gamco Investors INC. ET AL grew its stake in Permian Resources by 11.1% in the first quarter. Gamco Investors INC. ET AL now owns 100,000 shares of the company’s stock valued at $1,766,000 after acquiring an additional 10,000 shares during the period. 1832 Asset Management L.P. grew its stake in Permian Resources by 47.2% in the first quarter. 1832 Asset Management L.P. now owns 1,322,381 shares of the company’s stock valued at $23,353,000 after acquiring an additional 423,824 shares during the period. Finally, Lazard Asset Management LLC grew its stake in Permian Resources by 21.8% in the first quarter. Lazard Asset Management LLC now owns 18,322 shares of the company’s stock valued at $323,000 after acquiring an additional 3,279 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Permian Resources stock opened at $15.97 on Friday. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The company’s 50 day moving average price is $14.22 and its two-hundred day moving average price is $14.98. 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 stock has a market cap of $12.83 billion, a P/E ratio of 9.68, a P/E/G ratio of 0.91 and a beta of 4.34.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources’s revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 EPS. On average, equities analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.76%. Permian Resources’s payout ratio is presently 36.36%.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the company’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 directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This trade represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Citigroup reduced their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Susquehanna reduced 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. Piper Sandler upped their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday. Mizuho reduced their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, Benchmark reduced their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average target price of $18.93.

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.