Empowered Funds LLC Acquires New Position in Permian Resources Co. (NYSE:PR)

Empowered Funds LLC acquired a new stake in Permian Resources Co. (NYSE:PR) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 195,144 shares of the company’s stock, valued at approximately $2,656,000.

A number of other institutional investors have also recently made changes to their positions in the business. Simplicity Wealth LLC grew its holdings in shares of Permian Resources by 5.2% in the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after purchasing an additional 646 shares in the last quarter. GAMMA Investing LLC grew its holdings in Permian Resources by 19.6% during the 2nd quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after acquiring an additional 716 shares in the last quarter. Mount Yale Investment Advisors LLC grew its holdings in Permian Resources by 3.1% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after acquiring an additional 781 shares in the last quarter. Larson Financial Group LLC grew its holdings in Permian Resources by 0.5% during the 2nd quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock worth $3,379,000 after acquiring an additional 949 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Permian Resources by 17.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock worth $110,000 after acquiring an additional 1,032 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Down 0.2 %

PR stock opened at $15.13 on Wednesday. The company has a fifty day moving average price of $14.12 and a 200 day moving average price of $14.97. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The company has a market cap of $12.15 billion, a price-to-earnings ratio of 9.17, a price-to-earnings-growth ratio of 0.89 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 EPS. Sell-side analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.97%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is presently 36.36%.

Insiders Place Their Bets

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The trade was a 5.88 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on PR shares. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. Benchmark lowered their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Mizuho lowered their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Wells Fargo & Company lowered their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Finally, Truist Financial upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.93.

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.