Oak Ridge Investments LLC Cuts Stake in Permian Resources Co. (NYSE:PR)

Oak Ridge Investments LLC reduced its position in shares of Permian Resources Co. (NYSE:PR) by 3.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 182,255 shares of the company’s stock after selling 5,955 shares during the quarter. Oak Ridge Investments LLC’s holdings in Permian Resources were worth $2,621,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hexagon Capital Partners LLC lifted its position 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 valued at $27,000 after acquiring an additional 1,998 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources in the fourth quarter worth $31,000. UMB Bank n.a. lifted its holdings in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after buying an additional 2,629 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PR. The Goldman Sachs Group began coverage on shares of Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 price target on the stock. Morgan Stanley started coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price for the company. Wells Fargo & Company lowered their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Benchmark cut their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, Piper Sandler lowered their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.06.

Permian Resources Trading Up 1.1 %

Shares of Permian Resources stock opened at $16.01 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a fifty day moving average of $14.92 and a 200 day moving average of $14.64. The company has a market capitalization of $12.86 billion, a P/E ratio of 9.70, a P/E/G ratio of 0.88 and a beta of 4.32. Permian Resources Co. has a fifty-two week low of $12.59 and a fifty-two week high of $18.28.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter last year, the business posted $0.36 earnings per share. The firm’s revenue was up 60.3% on a year-over-year basis. On average, sell-side analysts anticipate that Permian Resources Co. will post 1.44 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

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

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.