Algert Global LLC Boosts Stock Holdings in Permian Resources Co. (NYSE:PR)

Algert Global LLC raised its position in Permian Resources Co. (NYSE:PR) by 41.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 864,935 shares of the company’s stock after buying an additional 252,399 shares during the quarter. Algert Global LLC owned about 0.11% of Permian Resources worth $11,772,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Cerity Partners LLC lifted its holdings in Permian Resources by 13.7% during the third quarter. Cerity Partners LLC now owns 482,291 shares of the company’s stock valued at $6,564,000 after purchasing an additional 58,238 shares during the last quarter. Raymond James Trust N.A. purchased a new position in shares of Permian Resources in the third quarter worth about $216,000. Charles Schwab Investment Management Inc. raised its position in shares of Permian Resources by 12.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,163,553 shares of the company’s stock valued at $56,666,000 after purchasing an additional 457,478 shares during the period. Banco Santander S.A. purchased a new position in Permian Resources in the 3rd quarter valued at approximately $527,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after acquiring an additional 1,543,854 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

PR stock opened at $16.21 on Friday. The firm has a market cap of $13.02 billion, a P/E ratio of 9.82, a P/E/G ratio of 0.96 and a beta of 4.34. The firm’s fifty day moving average is $14.28 and its 200 day moving average is $14.97. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR) last issued 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 company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 EPS. Research analysts predict that Permian Resources Co. will post 1.47 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 $0.15 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.70%. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 5.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PR. Piper Sandler raised their price target on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. 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 note on Monday, September 16th. Benchmark lowered their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Finally, The Goldman Sachs Group assumed coverage on Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 price objective on the stock. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

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.