Arosa Capital Management LP boosted its holdings in Permian Resources Co. (NYSE:PR – Free Report) by 12.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,000 shares of the company’s stock after purchasing an additional 16,000 shares during the quarter. Permian Resources makes up about 0.8% of Arosa Capital Management LP’s investment portfolio, making the stock its 24th largest holding. Arosa Capital Management LP’s holdings in Permian Resources were worth $1,960,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Simplicity Wealth LLC grew its position in shares of Permian Resources by 5.2% during the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock worth $212,000 after acquiring an additional 646 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Permian Resources by 19.6% in the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock valued at $70,000 after purchasing an additional 716 shares during the period. Larson Financial Group LLC raised its holdings in shares of Permian Resources by 0.5% during the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock valued at $3,379,000 after buying an additional 949 shares during the last quarter. Avior Wealth Management LLC raised its holdings in shares of Permian Resources by 0.9% during the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock valued at $1,560,000 after buying an additional 1,007 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Permian Resources by 17.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock worth $110,000 after buying an additional 1,032 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.
Insider Activity at Permian Resources
In related 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 value 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. This represents a 7.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The trade was a 5.88 % 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 company insiders.
Permian Resources Stock Performance
Permian Resources (NYSE:PR – Get Free Report) last issued 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 firm had revenue of $1.22 billion during 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%. Permian Resources’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same period last year, the business earned $0.36 earnings per share. On average, equities analysts forecast that Permian Resources Co. will post 1.47 earnings per share for the current year.
Permian Resources Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.83%. Permian Resources’s dividend payout ratio (DPR) is 36.36%.
Analyst Ratings Changes
A number of research analysts have issued reports on PR shares. JPMorgan Chase & Co. reduced their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Wells Fargo & Company cut their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Susquehanna lowered their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Truist Financial upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Piper Sandler increased their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.
Read Our Latest Research Report on Permian Resources
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.
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