Algert Global LLC Purchases 252,399 Shares of Permian Resources Co. (NYSE:PR)

Algert Global LLC lifted its position in Permian Resources Co. (NYSE:PR) by 41.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 864,935 shares of the company’s stock after acquiring an additional 252,399 shares during the period. Algert Global LLC’s holdings in Permian Resources were worth $11,772,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PR. Innealta Capital LLC purchased a new stake in Permian Resources in the second quarter worth about $30,000. Hexagon Capital Partners LLC increased its position in Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after buying an additional 1,998 shares in the last quarter. Transcendent Capital Group LLC purchased a new position in Permian Resources during the first quarter valued at $36,000. Gilliland Jeter Wealth Management LLC bought a new stake in Permian Resources in the second quarter worth $40,000. Finally, UMB Bank n.a. grew its stake in shares of Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after acquiring an additional 1,390 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

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 value of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, 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 through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources 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 sale, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The trade was a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. UBS Group dropped their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Truist Financial boosted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Wells Fargo & Company cut their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Performance

Shares of PR opened at $16.21 on Friday. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $13.02 billion, a price-to-earnings ratio of 9.82, a PEG ratio of 0.96 and a beta of 4.34. The business has a 50-day simple moving average of $14.28 and a two-hundred day simple moving average of $14.97.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion for 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%. The firm’s revenue was up 60.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 EPS. On average, analysts expect that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.70%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is currently 36.36%.

About Permian Resources

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.