Envestnet Asset Management Inc. Raises Stock Position in Permian Resources Co. (NASDAQ:PR)

Envestnet Asset Management Inc. lifted its holdings in Permian Resources Co. (NASDAQ:PR – Get Rating) by 5.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 163,240 shares of the company’s stock after acquiring an additional 8,449 shares during the period. Envestnet Asset Management Inc.’s holdings in Permian Resources were worth $1,534,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Riverstone Holdings LLC acquired a new stake in shares of Permian Resources during the third quarter worth $468,238,000. Vanguard Group Inc. purchased a new stake in Permian Resources during the 3rd quarter valued at about $112,804,000. State Street Corp purchased a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $100,979,000. Dimensional Fund Advisors LP acquired a new position in shares of Permian Resources in the 3rd quarter worth approximately $89,649,000. Finally, River Road Asset Management LLC acquired a new position in shares of Permian Resources in the 3rd quarter worth approximately $55,897,000. Institutional investors own 88.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Mizuho increased their price objective on shares of Permian Resources from $12.00 to $13.00 in a research report on Friday, March 10th. TD Cowen raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price objective on the stock in a research report on Wednesday, March 1st. Stifel Nicolaus increased their target price on shares of Permian Resources from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Thursday, April 13th. UBS Group began coverage on shares of Permian Resources in a research report on Wednesday, April 19th. They issued a “neutral” rating and a $13.00 target price on the stock. Finally, Truist Financial raised their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, April 11th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $14.00.

Permian Resources Stock Up 3.4 %

Shares of NASDAQ PR opened at $9.61 on Monday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.35. Permian Resources Co. has a 52 week low of $5.08 and a 52 week high of $12.05. The firm has a 50-day moving average price of $10.18 and a 200 day moving average price of $10.11. The stock has a market capitalization of $5.38 billion, a price-to-earnings ratio of 5.14 and a beta of 4.51.

Permian Resources (NASDAQ:PR – Get Rating) last announced its quarterly earnings data on Wednesday, February 22nd. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.06). The company had revenue of $761.56 million during the quarter, compared to analyst estimates of $736.00 million. Permian Resources had a net margin of 25.05% and a return on equity of 13.18%. Equities research analysts anticipate that Permian Resources Co. will post 1.88 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 24th. Shareholders of record on Tuesday, May 16th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, May 15th. This represents a $0.20 dividend on an annualized basis and a yield of 2.08%. Permian Resources’s dividend payout ratio (DPR) is 10.70%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, major shareholder Xi Us Holdings L.P. Ngp sold 17,304,930 shares of the stock in a transaction on Friday, March 10th. The shares were sold at an average price of $10.70, for a total transaction of $185,162,751.00. Following the sale, the insider now directly owns 60,792,641 shares of the company’s stock, valued at $650,481,258.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Xi Us Holdings L.P. Ngp sold 17,304,930 shares of the stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $10.70, for a total value of $185,162,751.00. Following the sale, the insider now owns 60,792,641 shares of the company’s stock, valued at approximately $650,481,258.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Matthew R. Garrison sold 40,000 shares of the stock in a transaction dated Friday, March 3rd. The stock was sold at an average price of $12.00, for a total transaction of $480,000.00. Following the completion of the sale, the chief operating officer now directly owns 1,062,985 shares in the company, valued at approximately $12,755,820. The disclosure for this sale can be found here. Insiders have sold 31,665,000 shares of company stock worth $338,867,500 in the last ninety days. 23.14% of the stock is owned by insiders.

About Permian Resources

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Permian Resources Corp. engages in the exploration and production of oil and natural gas. It also focuses on driving sustainable returns through the responsible acquisition, optimization, and development of crude oil. The company was founded on October 6, 2014 and is headquartered in Midland, TX.