Amalgamated Bank Buys 81,052 Shares of Permian Resources Co. (NASDAQ:PR)

Amalgamated Bank boosted its stake in shares of Permian Resources Co. (NASDAQ:PR) by 50.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 240,712 shares of the company’s stock after buying an additional 81,052 shares during the period. Amalgamated Bank’s holdings in Permian Resources were worth $3,274,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PR. Natixis Advisors L.P. grew its holdings in shares of Permian Resources by 9.0% during the fourth quarter. Natixis Advisors L.P. now owns 707,915 shares of the company’s stock valued at $9,626,000 after buying an additional 58,637 shares during the last quarter. Swiss National Bank increased its holdings in shares of Permian Resources by 31.1% in the 4th quarter. Swiss National Bank now owns 724,348 shares of the company’s stock worth $9,851,000 after purchasing an additional 171,648 shares in the last quarter. Fisher Asset Management LLC purchased a new position in shares of Permian Resources in the fourth quarter worth $2,642,000. Heritage Wealth Management LLC bought a new position in shares of Permian Resources during the fourth quarter valued at $177,000. Finally, Van ECK Associates Corp boosted its position in shares of Permian Resources by 89.8% during the fourth quarter. Van ECK Associates Corp now owns 1,454,734 shares of the company’s stock valued at $19,784,000 after buying an additional 688,434 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 1.4 %

PR opened at $17.03 on Friday. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market cap of $13.14 billion, a price-to-earnings ratio of 14.68 and a beta of 4.32. The firm’s fifty day moving average is $17.06 and its 200 day moving average is $14.84.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. On average, sell-side analysts forecast that Permian Resources Co. will post 1.66 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.41%. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date is Monday, May 20th. Permian Resources’s dividend payout ratio (DPR) is presently 17.24%.

Insiders Place Their Bets

In other news, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock worth $516,796,999 in the last 90 days. 12.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PR has been the topic of several research analyst reports. Piper Sandler upped their target price on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Raymond James initiated coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 target price for the company. Stifel Nicolaus raised their price target on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Susquehanna upped their price objective on Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $19.38.

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.