Phocas Financial Corp. Invests $9.07 Million in Permian Resources Co. (NASDAQ:PR)

Phocas Financial Corp. bought a new stake in Permian Resources Co. (NASDAQ:PR - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 666,696 shares of the company's stock, valued at approximately $9,067,000. Permian Resources comprises approximately 1.2% of Phocas Financial Corp.'s holdings, making the stock its 19th biggest holding. Phocas Financial Corp. owned approximately 0.09% of Permian Resources at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its holdings in shares of Permian Resources by 1.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 84,718 shares of the company's stock worth $796,000 after purchasing an additional 972 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Permian Resources by 1.5% during the third quarter. Arizona State Retirement System now owns 71,590 shares of the company's stock worth $999,000 after purchasing an additional 1,041 shares during the last quarter. Orion Portfolio Solutions LLC grew its holdings in shares of Permian Resources by 2.1% during the third quarter. Orion Portfolio Solutions LLC now owns 62,816 shares of the company's stock worth $877,000 after purchasing an additional 1,275 shares during the last quarter. Delphia USA Inc. grew its holdings in shares of Permian Resources by 6.0% during the first quarter. Delphia USA Inc. now owns 33,303 shares of the company's stock worth $350,000 after purchasing an additional 1,897 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in shares of Permian Resources by 10.3% during the first quarter. Commonwealth Equity Services LLC now owns 20,431 shares of the company's stock worth $214,000 after purchasing an additional 1,906 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Down 0.4 %

NASDAQ PR traded down $0.08 during trading hours on Friday, hitting $17.73. The company had a trading volume of 7,085,681 shares, compared to its average volume of 9,306,503. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The company has a market capitalization of $13.69 billion, a price-to-earnings ratio of 15.28 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The firm's 50 day moving average is $15.96 and its 200 day moving average is $14.43.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Sell-side analysts anticipate that Permian Resources Co. will post 1.69 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were given a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.13%. Permian Resources's payout ratio is currently 17.24%.

Insider Buying and Selling at Permian Resources

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares of the company's stock, valued at $400,251,949.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP John Charles Bell sold 500,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $7,855,000.00. Following the transaction, the executive vice president now owns 53,517 shares of the company's stock, valued at $840,752.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm's stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the transaction, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock valued at $516,796,999 in the last ninety days. Insiders own 23.14% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on PR. Stifel Nicolaus raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, March 22nd. Piper Sandler raised their price objective on shares of Permian Resources from $17.00 to $22.00 and gave the company an "overweight" rating in a research report on Thursday, March 7th. Benchmark lifted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Tuesday, March 5th. Wells Fargo & Company lifted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an "overweight" rating in a research report on Tuesday, March 5th. Finally, Mizuho lifted their price target on shares of Permian Resources from $16.00 to $18.00 and gave the company a "buy" rating in a research report on Thursday, March 7th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $18.62.

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.