Permian Resources Co. (NYSE:PR) Shares Sold by Princeton Capital Management LLC

Princeton Capital Management LLC cut its stake in shares of Permian Resources Co. (NYSE:PR) by 34.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 50,844 shares of the company’s stock after selling 26,160 shares during the period. Princeton Capital Management LLC’s holdings in Permian Resources were worth $692,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Hexagon Capital Partners LLC lifted its position in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after buying an additional 1,998 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Permian Resources during the 2nd quarter valued at $30,000. Transcendent Capital Group LLC purchased a new stake in Permian Resources during the 1st quarter worth $36,000. UMB Bank n.a. increased its holdings in Permian Resources by 99.2% in the 3rd 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 in the last quarter. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in Permian Resources in the second quarter valued at about $40,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of PR opened at $15.15 on Tuesday. The firm has a market cap of $12.17 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 0.89 and a beta of 4.34. The stock has a 50 day moving average of $14.07 and a 200-day moving average of $14.98. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings results 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 net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period last year, the firm posted $0.36 EPS. The company’s revenue for the quarter was up 60.3% on a year-over-year basis. As a group, analysts forecast that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.96%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 14th. Permian Resources’s dividend payout ratio is presently 36.36%.

Insider Buying and Selling

In other news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources 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 sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This trade represents a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. UBS Group decreased their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Truist Financial increased their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. dropped their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Susquehanna decreased their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Mizuho dropped their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.