Secure Asset Management LLC Grows Stock Holdings in Permian Resources Co. (NYSE:PR)

Secure Asset Management LLC boosted its stake in Permian Resources Co. (NYSE:PR) by 32.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 111,558 shares of the company’s stock after purchasing an additional 27,331 shares during the quarter. Secure Asset Management LLC’s holdings in Permian Resources were worth $1,518,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Permian Resources by 65.4% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 122,900 shares of the company’s stock worth $1,671,000 after buying an additional 48,600 shares during the last quarter. Fisher Asset Management LLC bought a new position in shares of Permian Resources during the 4th quarter valued at $2,645,000. Vanguard Group Inc. raised its position in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after purchasing an additional 19,847,358 shares during the period. NBC Securities Inc. lifted its stake in Permian Resources by 3.4% in the first quarter. NBC Securities Inc. now owns 39,257 shares of the company’s stock worth $693,000 after purchasing an additional 1,282 shares during the last quarter. Finally, First Hawaiian Bank boosted its position in Permian Resources by 54.5% during the first quarter. First Hawaiian Bank now owns 52,247 shares of the company’s stock valued at $923,000 after buying an additional 18,433 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 1.6 %

NYSE:PR opened at $14.21 on Friday. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The company’s 50-day simple moving average is $14.07 and its 200 day simple moving average is $15.50. The firm has a market capitalization of $11.40 billion, a P/E ratio of 11.37, a PEG ratio of 0.85 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the firm posted $0.27 EPS. The business’s revenue for the quarter was up 99.9% compared to the same quarter last year. As a group, analysts forecast that Permian Resources Co. will post 1.48 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a $0.06 dividend. 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 1.69%. Permian Resources’s dividend payout ratio is currently 19.20%.

Insider Activity

In related news, 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 value of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the business’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 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 approximately $855,288.07. The trade was a 0.00 % 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.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Susquehanna cut 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. UBS Group cut their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Mizuho decreased 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. The Goldman Sachs Group assumed coverage on Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 price target for the company. Finally, Truist Financial reduced their price objective on shares of Permian Resources from $22.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.73.

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.