Wright Investors Service Inc. Purchases Shares of 34,616 Permian Resources Co. (NYSE:PR)

Wright Investors Service Inc. acquired a new position in Permian Resources Co. (NYSE:PR) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 34,616 shares of the company’s stock, valued at approximately $498,000.

A number of other hedge funds have also recently made changes to their positions in the business. Sunbelt Securities Inc. grew its holdings in shares of Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. Avior Wealth Management LLC grew its stake 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. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Permian Resources by 9.7% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,939 shares of the company’s stock worth $209,000 after buying an additional 1,147 shares during the period. Icon Wealth Advisors LLC lifted its stake in shares of Permian Resources by 1.0% in the 3rd quarter. Icon Wealth Advisors LLC now owns 130,880 shares of the company’s stock valued at $1,781,000 after acquiring an additional 1,349 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in Permian Resources by 0.7% during the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 184,475 shares of the company’s stock valued at $2,511,000 after acquiring an additional 1,370 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on PR shares. Morgan Stanley started coverage on Permian Resources in a research note on Friday. They issued an “overweight” rating and a $19.00 price target on the stock. Wells Fargo & Company decreased their target price 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. Benchmark dropped their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. UBS Group decreased their price objective on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Finally, The Goldman Sachs Group began coverage on shares of Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 target price for the company. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.06.

Permian Resources Stock Up 1.7 %

Shares of NYSE:PR opened at $15.40 on Tuesday. The firm has a market capitalization of $12.37 billion, a P/E ratio of 9.33, a P/E/G ratio of 0.88 and a beta of 4.32. 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 50 day moving average price of $14.82 and a 200-day moving average price of $14.64. Permian Resources Co. has a 52-week low of $12.59 and a 52-week high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share. The firm’s quarterly revenue was up 60.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

Insider Buying and Selling

In other news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.80% of the stock is currently owned by insiders.

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.