Bleakley Financial Group LLC Makes New $152,000 Investment in Permian Resources Co. (NASDAQ:PR)

Bleakley Financial Group LLC acquired a new position in shares of Permian Resources Co. (NASDAQ:PR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,179 shares of the company’s stock, valued at approximately $152,000.

Other hedge funds have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale bought a new position in shares of Permian Resources in the 4th quarter valued at about $33,000. Quarry LP bought a new position in shares of Permian Resources in the 1st quarter valued at about $33,000. Clearstead Advisors LLC bought a new position in shares of Permian Resources in the 3rd quarter valued at about $45,000. Optimum Investment Advisors bought a new position in shares of Permian Resources in the 4th quarter valued at about $50,000. Finally, Sandia Investment Management LP bought a new position in shares of Permian Resources in the 1st quarter valued at about $52,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

NASDAQ PR opened at $17.60 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources Co. has a 12-month low of $8.94 and a 12-month high of $18.28. The company has a market capitalization of $13.58 billion, a PE ratio of 15.17 and a beta of 4.35. The firm’s 50 day moving average is $16.15 and its 200-day moving average is $14.48.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share 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 business 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 1.69 earnings per share for the current fiscal 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. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.14%. Permian Resources’s dividend payout ratio is presently 17.24%.

Insider Activity at Permian Resources

In related news, Director William J. Quinn sold 18,076,849 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the transaction, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of Permian Resources 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 of the company’s stock, valued at $1,116,299,500.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,916,943 shares of company stock valued at $516,796,999. 23.14% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Wells Fargo & Company lifted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Susquehanna lifted their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Friday, April 12th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.77.

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.