Transamerica Financial Advisors Inc. Invests $65,000 in Permian Resources Co. (NYSE:PR)

Transamerica Financial Advisors Inc. purchased a new position in shares of Permian Resources Co. (NYSE:PR) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,720 shares of the company’s stock, valued at approximately $65,000.

A number of other large investors also recently modified their holdings of the business. Massachusetts Financial Services Co. MA lifted its holdings in shares of Permian Resources by 9.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after buying an additional 1,543,854 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares during the period. Renaissance Technologies LLC increased its position in shares of Permian Resources by 20.6% during the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the period. Jennison Associates LLC increased its position in shares of Permian Resources by 14.5% during the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after purchasing an additional 966,940 shares during the period. Finally, Merewether Investment Management LP increased its position in shares of Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after purchasing an additional 3,522,300 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of PR stock opened at $15.57 on Thursday. The stock’s fifty day moving average is $14.35 and its 200-day moving average is $14.92. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $12.51 billion, a PE ratio of 9.44, a PEG ratio of 0.94 and a beta of 4.34. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate 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 return on equity of 11.15% and a net margin of 21.20%. The business’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. Equities research analysts expect that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

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

Insider Activity at Permian Resources

In related news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. This trade represents a 7.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Charles Bell sold 4,821 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 value of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Benchmark lowered their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Mizuho lowered their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. JPMorgan Chase & Co. lowered their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. Finally, Piper Sandler upped their price target on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Two research 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. According to MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.

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.