Navellier & Associates Inc. Sells 10,393 Shares of Permian Resources Co. (NYSE:PR)

Navellier & Associates Inc. reduced its stake in Permian Resources Co. (NYSE:PR) by 20.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,553 shares of the company’s stock after selling 10,393 shares during the period. Navellier & Associates Inc.’s holdings in Permian Resources were worth $552,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Hexagon Capital Partners LLC raised its stake in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Permian Resources in the second quarter valued at about $30,000. Transcendent Capital Group LLC bought a new stake in shares of Permian Resources in the 1st quarter valued at $36,000. UMB Bank n.a. lifted its stake in Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares during the period. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in shares of Permian Resources in the 2nd quarter valued at about $40,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PR has been the subject of several analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. UBS Group reduced their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. Truist Financial lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Mizuho reduced their price objective 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. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Insider Buying and Selling at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Permian Resources Trading Up 3.3 %

Permian Resources stock opened at $15.97 on Friday. The firm has a market cap of $12.83 billion, a PE ratio of 9.68, a P/E/G ratio of 0.91 and a beta of 4.34. 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’s 50 day simple moving average is $14.22 and its two-hundred day simple moving average is $14.98. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion for 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%. Permian Resources’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same period last year, the company posted $0.36 EPS. Analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.76%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

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.