139,545 Shares in Permian Resources Co. (NASDAQ:PR) Bought by Edge Capital Group LLC

Edge Capital Group LLC bought a new stake in Permian Resources Co. (NASDAQ:PR) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 139,545 shares of the company’s stock, valued at approximately $2,254,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. YHB Investment Advisors Inc. bought a new position in Permian Resources in the 1st quarter valued at about $26,000. Parallel Advisors LLC boosted its holdings in shares of 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 in the last quarter. Innealta Capital LLC acquired a new position in shares of Permian Resources during the second quarter valued at approximately $30,000. Rise Advisors LLC bought a new stake in Permian Resources during the first quarter worth approximately $32,000. Finally, Transcendent Capital Group LLC acquired a new stake in Permian Resources in the first quarter worth approximately $36,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of PR opened at $13.90 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market capitalization of $10.70 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 0.77 and a beta of 4.33. The business’s 50-day moving average is $14.51 and its 200-day moving average is $15.84. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 earnings per share. Equities research analysts expect that Permian Resources Co. will post 1.57 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.73%. Permian Resources’s dividend payout ratio is currently 21.82%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Bank of America reissued a “buy” rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Piper Sandler cut their price target on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Truist Financial raised their price objective on shares of Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Susquehanna dropped their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Finally, UBS Group reduced their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,821 shares of the business’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 sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Robert Regan Shannon sold 4,822 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 $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,821 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 transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

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.