Belpointe Asset Management LLC Purchases Shares of 33,569 Permian Resources Corporation $PR

Key Points

• Belpointe Asset Management LLC has acquired a new stake in Permian Resources Corporation, purchasing 33,569 shares valued at approximately $465,000.
• Permian Resources recently announced a quarterly dividend of $0.15 per share, resulting in a 4.4% annualized dividend yield.
• The company reported Q2 earnings of $0.27 EPS, meeting the consensus estimate, but noted a 3.9% decrease in year-over-year revenue.

Belpointe Asset Management LLC acquired a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 33,569 shares of the company's stock, valued at approximately $465,000.

Several other hedge funds have also bought and sold shares of the company. Focus Partners Wealth lifted its stake in Permian Resources by 1.2% in the 1st quarter. Focus Partners Wealth now owns 254,965 shares of the company's stock valued at $3,531,000 after purchasing an additional 3,080 shares during the last quarter. Bayforest Capital Ltd lifted its stake in Permian Resources by 95.9% in the 1st quarter. Bayforest Capital Ltd now owns 19,921 shares of the company's stock valued at $276,000 after purchasing an additional 9,751 shares during the last quarter. SCS Capital Management LLC acquired a new stake in Permian Resources in the 1st quarter valued at about $1,944,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Permian Resources by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company's stock valued at $16,751,000 after purchasing an additional 87,105 shares during the last quarter. Finally, Woodline Partners LP lifted its stake in Permian Resources by 94.1% in the 1st quarter. Woodline Partners LP now owns 5,419,700 shares of the company's stock valued at $75,063,000 after purchasing an additional 2,626,961 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Permian Resources

In other news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the transaction, the executive vice president directly owned 91,805 shares of the company's stock, valued at $1,305,467.10. This represents a 4.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the sale, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.44% of the company's stock.

Permian Resources Trading Up 0.2%

PR stock traded up $0.03 during midday trading on Thursday, hitting $13.59. The stock had a trading volume of 17,285,368 shares, compared to its average volume of 11,412,810. The firm has a market cap of $10.88 billion, a P/E ratio of 8.82 and a beta of 1.42. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33. The business has a fifty day moving average price of $13.72 and a two-hundred day moving average price of $13.29.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.27. The company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business's revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 EPS. On average, sell-side analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is currently 38.96%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PR. Royal Bank Of Canada reiterated an "outperform" rating and issued a $17.00 target price on shares of Permian Resources in a research note on Tuesday, September 2nd. Raymond James Financial cut their price objective on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a research report on Tuesday, September 2nd. Wells Fargo & Company raised their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Wednesday, August 13th. Piper Sandler lifted their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Susquehanna lifted their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Permian Resources currently has an average rating of "Buy" and an average target price of $18.47.

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.