Focus Partners Wealth Has $3.62 Million Stake in Permian Resources Co. (NYSE:PR)

Focus Partners Wealth decreased its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 50.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 251,885 shares of the company's stock after selling 254,177 shares during the quarter. Focus Partners Wealth's holdings in Permian Resources were worth $3,622,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in PR. Principal Securities Inc. grew its position in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after acquiring an additional 852 shares during the period. Global Retirement Partners LLC boosted its stake in shares of Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after purchasing an additional 1,232 shares in the last quarter. Rakuten Securities Inc. boosted its stake in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after purchasing an additional 2,305 shares in the last quarter. RE Dickinson Investment Advisors LLC bought a new stake in shares of Permian Resources in the 4th quarter worth about $41,000. Finally, Lindbrook Capital LLC increased its position in shares of Permian Resources by 294.8% during the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock worth $42,000 after purchasing an additional 2,155 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Trading Down 1.6%

Shares of NYSE:PR traded down $0.22 during midday trading on Wednesday, hitting $13.04. The company had a trading volume of 1,119,425 shares, compared to its average volume of 9,673,007. The firm has a fifty day simple moving average of $12.59 and a 200 day simple moving average of $13.90. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of 7.90, a PEG ratio of 4.05 and a beta of 1.20. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $16.95.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.25 earnings per share. On average, analysts predict that Permian Resources Co. will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date is Monday, June 16th. Permian Resources's dividend payout ratio is currently 37.04%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn acquired 500,000 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. Corporate insiders own 6.44% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Susquehanna decreased their price objective on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Royal Bank of Canada raised their price target on Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Friday, May 16th. Raymond James restated a "strong-buy" rating and set a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a report on Monday. UBS Group upped their price target on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $18.63.

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.