Icon Wealth Advisors LLC Raises Stock Holdings in Permian Resources Co. (NYSE:PR)

Icon Wealth Advisors LLC raised its holdings in Permian Resources Co. (NYSE:PR) by 1.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 130,880 shares of the company’s stock after purchasing an additional 1,349 shares during the period. Icon Wealth Advisors LLC’s holdings in Permian Resources were worth $1,781,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PR. Hexagon Capital Partners LLC grew 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 acquiring an additional 1,998 shares during the period. Innealta Capital LLC purchased a new position in Permian Resources during the second quarter valued at $30,000. UMB Bank n.a. grew its position in shares of Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares during the period. Gilliland Jeter Wealth Management LLC purchased a new stake in shares of Permian Resources during the second quarter worth about $40,000. Finally, Blue Trust Inc. increased its stake in shares of Permian Resources by 399.5% during the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after purchasing an additional 2,629 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Price Performance

PR stock opened at $15.59 on Friday. 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 fifty-two week low of $12.34 and a fifty-two week high of $18.28. The business has a 50 day moving average price of $14.39 and a 200 day moving average price of $14.92. The stock has a market cap of $12.52 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 0.94 and a beta of 4.34.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. The business 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%. The company’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS. Equities research analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s payout ratio is presently 36.36%.

Insiders Place Their Bets

In related news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. The trade was a 7.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was 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 owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 5.88 % 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

A number of equities analysts have commented on the company. Mizuho reduced their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. JPMorgan Chase & Co. reduced their price target 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. Citigroup reduced their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, The Goldman Sachs Group assumed coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 price objective for the company. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.93.

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.