Verdence Capital Advisors LLC Boosts Stake in Permian Resources Corporation $PR

Key Points

• Verdence Capital Advisors LLC has increased its stake in Permian Resources Corporation by 7.5%, owning 328,009 shares valued at $4.47 million after purchasing an additional 22,903 shares in the last quarter.
• Permian Resources recently announced a quarterly dividend of $0.15 per share, with an annualized yield of 4.9% and a payout ratio of 38.96%.
• Wall Street analysts have raised their price targets for Permian Resources, with current estimates averaging $18.69 and a consensus rating of "Buy."

Verdence Capital Advisors LLC boosted its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 7.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 328,009 shares of the company's stock after purchasing an additional 22,903 shares during the period. Verdence Capital Advisors LLC's holdings in Permian Resources were worth $4,467,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PR. Allworth Financial LP lifted its position in shares of Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after buying an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in Permian Resources during the 1st quarter worth approximately $30,000. Keystone Global Partners LLC bought a new stake in Permian Resources during the 1st quarter worth approximately $36,000. Brooklyn Investment Group lifted its holdings in Permian Resources by 433.9% during the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock valued at $43,000 after purchasing an additional 2,534 shares in the last quarter. Finally, Tsfg LLC bought a new position in shares of Permian Resources in the first quarter worth approximately $46,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Trading Down 4.6%

PR opened at $12.22 on Monday. The stock has a 50-day moving average of $13.48 and a 200 day moving average of $13.24. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. The firm has a market cap of $9.78 billion, a P/E ratio of 7.93 and a beta of 1.32. 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 (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. The business's revenue for the quarter was down 3.9% on a year-over-year basis. As a group, research analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PR shares. Wells Fargo & Company raised their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Piper Sandler increased their price target on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Morgan Stanley raised their price target on Permian Resources from $17.00 to $18.00 and gave the company an "overweight" rating in a report on Monday, August 18th. TD Cowen raised Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Mizuho cut their target price on Permian Resources from $20.00 to $19.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $18.69.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of the company'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 transaction, the executive vice president 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

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.

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