EP Wealth Advisors LLC Invests $283,000 in Permian Resources Corporation $PR

Key Points

• EP Wealth Advisors LLC has acquired a new stake in Permian Resources Corporation, purchasing 20,466 shares valued at approximately $283,000 in the first quarter of the year.
• Several hedge funds and institutional investors have significantly increased their holdings in Permian Resources, with ownership now at 91.84% of the company's stock.
• Wall Street analysts have a positive outlook on Permian Resources, with a consensus price target raised to $18.47 and a majority rating the stock as "Buy" or "Strong Buy."

EP Wealth Advisors LLC purchased a new stake in Permian Resources Corporation (NYSE:PR - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 20,466 shares of the company's stock, valued at approximately $283,000.

Other hedge funds have also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC lifted its position in shares of Permian Resources by 19.2% during the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock valued at $267,000 after acquiring an additional 3,107 shares during the period. Janney Montgomery Scott LLC grew its stake in Permian Resources by 12.4% during the first quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock worth $444,000 after buying an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. grew its stake in Permian Resources by 8.5% during the first quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock worth $393,000 after buying an additional 2,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Permian Resources by 27.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock valued at $425,000 after buying an additional 6,600 shares during the period. Finally, Vontobel Holding Ltd. acquired a new position in shares of Permian Resources in the 1st quarter valued at approximately $174,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Trading Down 1.8%

Permian Resources stock traded down $0.25 during trading hours on Friday, reaching $13.70. 6,721,651 shares of the company's stock were exchanged, compared to its average volume of 8,764,145. The firm has a market capitalization of $10.97 billion, a PE ratio of 8.90 and a beta of 1.42. The firm's 50 day simple moving average is $13.78 and its 200 day simple moving average is $13.29. 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 twelve month low of $10.01 and a twelve month high of $16.33.

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

Permian Resources Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.4%. Permian Resources's dividend payout ratio (DPR) is presently 38.96%.

Analyst Upgrades and Downgrades

PR has been the topic of a number of recent analyst reports. UBS Group lifted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Royal Bank Of Canada reissued an "outperform" rating and set a $17.00 price target on shares of Permian Resources in a report on Tuesday, September 2nd. The Goldman Sachs Group raised their price objective on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Piper Sandler boosted their target price on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, Susquehanna increased their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $18.47.

Insider Activity

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

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.