Truvestments Capital LLC Invests $96,000 in Permian Resources Co. (NYSE:PR)

Truvestments Capital LLC purchased a new position in Permian Resources Co. (NYSE:PR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,051 shares of the company’s stock, valued at approximately $96,000.

A number of other large investors also recently modified their holdings of PR. Hexagon Capital Partners LLC lifted its position in shares of Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Permian Resources in the 2nd quarter worth about $30,000. UMB Bank n.a. lifted its position in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares during the last quarter. Gilliland Jeter Wealth Management LLC bought a new position in shares of Permian Resources in the 2nd quarter worth about $40,000. Finally, Blue Trust Inc. lifted its position in shares of 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 during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources 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 in the company, valued at $1,075,911.41. This represents a 5.88 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Permian Resources Stock Performance

PR stock opened at $15.65 on Wednesday. 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 stock has a market cap of $12.57 billion, a P/E ratio of 9.48, a P/E/G ratio of 0.94 and a beta of 4.34. The firm has a 50 day simple moving average of $14.32 and a 200 day simple moving average of $14.92. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28.

Permian Resources (NYSE:PR) last issued its quarterly earnings data 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. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the firm earned $0.36 earnings per share. The company’s revenue for the quarter was up 60.3% on a year-over-year basis. Research analysts anticipate that Permian Resources Co. will post 1.47 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. The ex-dividend date was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.83%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 36.36%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PR. The Goldman Sachs Group began coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Benchmark dropped their price objective 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. Truist Financial increased their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Piper Sandler increased their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Two research 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.93.

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.