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 bought a new stake in Permian Resources Corporation (NYSE:PR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 33,569 shares of the company's stock, valued at approximately $465,000.

Several other institutional investors also recently modified their holdings of the business. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Permian Resources during the fourth quarter valued at $431,676,000. Nuveen LLC bought a new position in Permian Resources during the first quarter valued at $175,525,000. Alyeska Investment Group L.P. grew its holdings in Permian Resources by 300.3% during the first quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company's stock valued at $80,787,000 after purchasing an additional 4,375,930 shares during the period. Millennium Management LLC grew its holdings in Permian Resources by 56.7% during the first quarter. Millennium Management LLC now owns 7,578,553 shares of the company's stock valued at $104,963,000 after purchasing an additional 2,743,272 shares during the period. Finally, Woodline Partners LP grew its holdings in Permian Resources by 94.1% during the first 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 period. 91.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was 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. This trade represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president owned 91,805 shares in the company, valued at $1,305,467.10. The trade was a 4.91% decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company's stock.

Permian Resources Price Performance

Shares of PR stock traded down $0.46 on Monday, reaching $13.24. The company's stock had a trading volume of 41,229,302 shares, compared to its average volume of 8,564,768. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.33. The company has a market capitalization of $10.60 billion, a P/E ratio of 8.60 and a beta of 1.42. The stock's 50 day simple moving average is $13.77 and its 200-day simple moving average is $13.28.

Permian Resources (NYSE:PR - Get Free Report) last issued 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. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the business posted $0.39 earnings per share. The firm's revenue was down 3.9% compared to the same quarter last year. As a group, equities analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio (DPR) is 38.96%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PR shares. Morgan Stanley increased their price objective on Permian Resources from $17.00 to $18.00 and gave the company an "overweight" rating in a report on Monday, August 18th. William Blair started coverage on Permian Resources in a report on Monday, August 25th. They set an "outperform" rating for the company. Bank of America increased their price objective on Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Royal Bank Of Canada restated an "outperform" rating and set a $17.00 target price on shares of Permian Resources in a research report on Tuesday, September 2nd. Finally, Mizuho dropped their target price on Permian Resources from $20.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Permian Resources has a consensus rating of "Buy" and an average target price of $18.47.

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.