Verdence Capital Advisors LLC Acquires 16,974 Shares of Permian Resources Co. (NYSE:PR)

Verdence Capital Advisors LLC lifted its holdings in Permian Resources Co. (NYSE:PR) by 6.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 277,637 shares of the company’s stock after purchasing an additional 16,974 shares during the period. Verdence Capital Advisors LLC’s holdings in Permian Resources were worth $3,779,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. American International Group Inc. grew its stake in Permian Resources by 10.4% in the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after purchasing an additional 78,146 shares during the last quarter. Castleark Management LLC grew its position in shares of Permian Resources by 370.0% in the 1st quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock worth $1,698,000 after buying an additional 75,700 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Permian Resources by 11.2% during the 1st quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock worth $7,693,000 after acquiring an additional 43,901 shares in the last quarter. Janus Henderson Group PLC lifted its position in Permian Resources by 88.3% during the first quarter. Janus Henderson Group PLC now owns 330,382 shares of the company’s stock valued at $5,833,000 after acquiring an additional 154,907 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted 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 in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Price Performance

Shares of NYSE PR opened at $14.94 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 firm’s 50 day simple moving average is $13.89 and its 200-day simple moving average is $15.09. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The stock has a market capitalization of $11.99 billion, a price-to-earnings ratio of 9.05, a PEG ratio of 0.88 and a beta of 4.34.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 21.20% and a return on equity of 11.43%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the company earned $0.27 earnings per share. The firm’s revenue for the quarter was up 99.9% on a year-over-year basis. Analysts expect that Permian Resources Co. will post 1.46 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is currently 14.55%.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 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 transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on 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 approximately $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PR shares. The Goldman Sachs Group assumed coverage on Permian Resources in a research note on Monday, September 30th. They set a “buy” rating and a $19.00 target price on the stock. Piper Sandler dropped their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 15th. JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Benchmark lowered their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Finally, Truist Financial boosted their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $18.87.

Permian Resources 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.