Advisor Resource Council Invests $400,000 in Permian Resources Co. (NASDAQ:PR)

Advisor Resource Council acquired a new position in Permian Resources Co. (NASDAQ:PRFree Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 29,422 shares of the company’s stock, valued at approximately $400,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Register Financial Advisors LLC purchased a new position in shares of Permian Resources in the 4th quarter worth approximately $483,000. Affinity Wealth Management LLC grew its position in Permian Resources by 4.1% during the 4th quarter. Affinity Wealth Management LLC now owns 303,918 shares of the company’s stock worth $4,133,000 after purchasing an additional 11,884 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in Permian Resources by 33.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 115,274 shares of the company’s stock worth $1,568,000 after purchasing an additional 28,629 shares during the last quarter. Optimum Investment Advisors purchased a new stake in Permian Resources during the 4th quarter worth approximately $50,000. Finally, Richard P Slaughter Associates Inc grew its position in Permian Resources by 2.0% during the 4th quarter. Richard P Slaughter Associates Inc now owns 284,826 shares of the company’s stock worth $3,874,000 after purchasing an additional 5,448 shares during the last quarter. Hedge funds and other institutional investors own 53.49% of the company’s stock.

Insider Activity at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the transaction, the director now directly owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the transaction, the director now owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The disclosure for this sale can be found here. Insiders sold a total of 32,925,918 shares of company stock worth $516,919,777 in the last three months. Company insiders own 23.14% of the company’s stock.

Analysts Set New Price Targets

PR has been the topic of several research analyst reports. Stifel Nicolaus boosted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Tuesday, March 5th. Citigroup boosted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Truist Financial lifted their price objective on shares of Permian Resources from $23.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Finally, Bank of America initiated coverage on shares of Permian Resources in a research note on Friday, January 5th. They set a “neutral” rating and a $15.00 price objective for the company. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.18.

Check Out Our Latest Analysis on PR

Permian Resources Stock Performance

PR opened at $17.15 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a fifty day moving average price of $14.66 and a 200 day moving average price of $14.02. Permian Resources Co. has a 1 year low of $8.94 and a 1 year high of $17.43. The stock has a market cap of $13.24 billion, a P/E ratio of 12.99, a P/E/G ratio of 1.35 and a beta of 4.35.

Permian Resources (NASDAQ:PRGet Free Report) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Equities research analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.17%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio is currently 17.24%.

Permian Resources Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Permian Resources (NASDAQ:PR)

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