Friedenthal Financial Takes Position in Permian Resources Corporation $PR

Key Points

• Friedenthal Financial acquired a new stake in Permian Resources Corporation, purchasing 63,962 shares valued at approximately $871,000 during the second quarter.
• Over 91% of Permian Resources' stock is owned by institutional investors and hedge funds, indicating strong institutional confidence in the company.
• Permian Resources recently declared a quarterly dividend of $0.15, translating to an annual yield of 4.8%, reflecting its financial commitment to shareholders.

Friedenthal Financial acquired a new stake in Permian Resources Corporation (NYSE:PR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 63,962 shares of the company's stock, valued at approximately $871,000.

A number of other hedge funds also recently made changes to their positions in the business. Kingswood Wealth Advisors LLC acquired a new stake in shares of Permian Resources in the second quarter valued at approximately $143,000. KLP Kapitalforvaltning AS lifted its holdings in Permian Resources by 5.9% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 131,884 shares of the company's stock worth $1,796,000 after purchasing an additional 7,400 shares during the last quarter. MADDEN SECURITIES Corp lifted its holdings in Permian Resources by 23.8% during the 2nd quarter. MADDEN SECURITIES Corp now owns 86,975 shares of the company's stock worth $1,185,000 after purchasing an additional 16,700 shares during the last quarter. Belpointe Asset Management LLC lifted its holdings in Permian Resources by 8.0% during the 2nd quarter. Belpointe Asset Management LLC now owns 36,250 shares of the company's stock worth $494,000 after purchasing an additional 2,681 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in Permian Resources by 179.8% during the 2nd quarter. QRG Capital Management Inc. now owns 48,308 shares of the company's stock worth $658,000 after purchasing an additional 31,045 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on PR. TD Cowen raised Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Morgan Stanley lifted their price target on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. William Blair began coverage on Permian Resources in a report on Monday, August 25th. They set an "outperform" rating for the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Permian Resources in a report on Saturday, September 27th. Finally, UBS Group raised their price objective on Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $18.63.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 4,743 shares of the business's stock in a transaction on 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. The trade was a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was 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. This represents a 4.91% decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.

Permian Resources Trading Down 0.2%

Shares of PR opened at $12.59 on Wednesday. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The business's fifty day moving average is $13.56 and its 200-day moving average is $13.28. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The firm has a market cap of $10.07 billion, a price-to-earnings ratio of 8.17 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 analyst estimates of $1.23 billion. During the same quarter last year, the company posted $0.39 EPS. The company's revenue for the quarter was down 3.9% compared to the same quarter last year. Equities analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were paid a $0.15 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.8%. Permian Resources's dividend payout ratio (DPR) is presently 38.96%.

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.

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