Sequoia Financial Advisors LLC Buys New Shares in Permian Resources Corporation $PR

Key Points

• Sequoia Financial Advisors LLC acquired 37,031 shares of Permian Resources Corporation valued at approximately $504,000 in the second quarter, highlighting increased institutional interest in the company.
• Permian Resources reported earnings of $0.27 per share for the last quarter, meeting analysts' expectations, while its revenue declined 3.9% year-over-year.
• The company recently declared a quarterly dividend of $0.15 per share, resulting in a yield of 4.9% and a payout ratio of 38.96%.

Sequoia Financial Advisors LLC acquired a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 37,031 shares of the company's stock, valued at approximately $504,000.

Other hedge funds also recently modified their holdings of the company. Allworth Financial LP increased its holdings in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after buying an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Permian Resources during the first quarter worth approximately $30,000. Keystone Global Partners LLC acquired a new stake in shares of Permian Resources during the first quarter worth approximately $36,000. Brooklyn Investment Group increased its holdings in shares of Permian Resources by 433.9% during the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock worth $43,000 after buying an additional 2,534 shares in the last quarter. Finally, Tsfg LLC acquired a new stake in shares of Permian Resources during the first quarter worth approximately $46,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares of the company's stock, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources 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 sale, the executive vice president directly owned 91,805 shares of the company's stock, 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. 12.80% of the stock is currently owned by insiders.

Permian Resources Price Performance

Shares of PR stock opened at $12.34 on Tuesday. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The stock has a market cap of $9.88 billion, a PE ratio of 8.01 and a beta of 1.32. 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's 50 day moving average price is $13.35 and its two-hundred day moving average price is $13.21.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting 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 net margin of 22.41% and a return on equity of 10.91%. The business's revenue for the quarter was down 3.9% on a year-over-year basis. During the same period last year, the firm earned $0.39 earnings per share. As a group, analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.9%. The ex-dividend date was Tuesday, September 16th. Permian Resources's payout ratio is presently 38.96%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PR. Mizuho dropped their price objective on shares of Permian Resources from $20.00 to $19.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Wall Street Zen lowered shares of Permian Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Raymond James Financial lowered their price target on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a report on Tuesday, September 2nd. Scotiabank initiated coverage on shares of Permian Resources in a report on Friday, September 19th. They issued a "sector outperform" rating and a $21.00 price target for the company. Finally, Morgan Stanley raised their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $18.67.

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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