Beacon Pointe Advisors LLC Takes Position in Permian Resources Co. (NYSE:PR)

Beacon Pointe Advisors LLC bought a new stake in Permian Resources Co. (NYSE:PR - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 21,004 shares of the company's stock, valued at approximately $302,000.

A number of other institutional investors and hedge funds have also modified their holdings of PR. Principal Securities Inc. raised its holdings in Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after acquiring an additional 852 shares during the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC lifted its position in Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after buying an additional 1,232 shares in the last quarter. Rakuten Securities Inc. boosted its stake in Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after buying an additional 2,305 shares during the last quarter. Finally, RE Dickinson Investment Advisors LLC purchased a new stake in Permian Resources in the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Insiders Place Their Bets

In related news, CAO Robert Regan Shannon sold 2,731 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the sale, the chief financial officer now owns 130,467 shares in the company, valued at approximately $1,825,233.33. This represents a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock worth $135,687 in the last quarter. 6.44% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Bank of America lowered their price target on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Susquehanna decreased their target price on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Citigroup cut shares of Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Royal Bank of Canada lowered their price objective on Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Permian Resources has an average rating of "Moderate Buy" and an average target price of $18.67.

Permian Resources Trading Up 0.2 %

NYSE:PR traded up $0.03 on Friday, reaching $13.04. 9,695,979 shares of the company's stock were exchanged, compared to its average volume of 9,904,710. The business has a fifty day moving average of $12.47 and a 200-day moving average of $13.91. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52-week low of $10.01 and a 52-week high of $16.95. The firm has a market capitalization of $10.48 billion, a price-to-earnings ratio of 7.90, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same period in the previous year, the company earned $0.25 earnings per share. Permian Resources's quarterly revenue was up 10.7% on a year-over-year basis. As a group, analysts expect that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, June 16th. This represents a $0.60 annualized dividend and a yield of 4.60%. Permian Resources's payout ratio is 37.04%.

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.