Legacy Capital Wealth Partners LLC Makes New Investment in Permian Resources Co. (NYSE:PR)

Legacy Capital Wealth Partners LLC acquired a new stake in Permian Resources Co. (NYSE:PR) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 18,184 shares of the company’s stock, valued at approximately $247,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PR. Janney Montgomery Scott LLC grew its stake in Permian Resources by 38.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company’s stock valued at $393,000 after buying an additional 6,126 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Permian Resources by 54.5% during the first quarter. Empowered Funds LLC now owns 70,770 shares of the company’s stock worth $1,250,000 after purchasing an additional 24,967 shares during the period. SG Americas Securities LLC lifted its holdings in Permian Resources by 444.4% during the 1st quarter. SG Americas Securities LLC now owns 66,923 shares of the company’s stock worth $1,182,000 after purchasing an additional 54,629 shares during the last quarter. Swiss National Bank boosted its stake in Permian Resources by 17.8% in the 1st quarter. Swiss National Bank now owns 853,348 shares of the company’s stock valued at $15,070,000 after purchasing an additional 129,000 shares during the period. Finally, Inspire Investing LLC bought a new position in Permian Resources during the 1st quarter worth $903,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Trading Up 1.3 %

Shares of PR stock opened at $15.12 on Tuesday. The stock has a 50-day moving average of $13.91 and a 200-day moving average of $15.04. The company has a current ratio of 0.68, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a market cap of $12.13 billion, a price-to-earnings ratio of 9.16, a PEG ratio of 0.90 and a beta of 4.34. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 earnings per share. On average, equities research analysts forecast that Permian Resources Co. will post 1.46 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be given a dividend of $0.15 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.97%. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PR. Benchmark decreased their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Piper Sandler dropped their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. Mizuho cut their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Citigroup decreased their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Truist Financial upped their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.87.

Insider Activity

In other news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

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.