Hennion & Walsh Asset Management Inc. Purchases 9,165 Shares of Permian Resources Co. (NYSE:PR)

Hennion & Walsh Asset Management Inc. increased its stake in Permian Resources Co. (NYSE:PR) by 36.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,345 shares of the company’s stock after buying an additional 9,165 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Permian Resources were worth $494,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in PR. Hexagon Capital Partners LLC increased its stake in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares during the period. ORG Wealth Partners LLC purchased a new position in Permian Resources in the 4th quarter worth about $31,000. UMB Bank n.a. increased its stake in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares during the period. Sunbelt Securities Inc. increased its stake in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after buying an additional 800 shares during the period. Finally, Blue Trust Inc. increased its position in Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after purchasing an additional 2,629 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Morgan Stanley assumed coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 target price on the stock. 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 Monday, October 14th. The Goldman Sachs Group assumed coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 target price on the stock. Wells Fargo & Company cut their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Finally, Piper Sandler cut their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.06.

Permian Resources Stock Performance

Shares of NYSE PR opened at $16.01 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $12.86 billion, a price-to-earnings ratio of 9.70, a PEG ratio of 0.88 and a beta of 4.32. The company has a 50 day simple moving average of $14.94 and a two-hundred day simple moving average of $14.62. Permian Resources Co. has a 12 month low of $12.59 and a 12 month high of $18.28.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 EPS. As a group, analysts predict that Permian Resources Co. will post 1.44 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.75%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s payout ratio is 36.36%.

Insider Activity

In related news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.80% of the company’s stock.

Permian Resources 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.