Oppenheimer Asset Management Inc. Makes New Investment in Permian Resources Co. (NYSE:PR)

Oppenheimer Asset Management Inc. purchased a new position in shares of Permian Resources Co. (NYSE:PR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 40,888 shares of the company’s stock, valued at approximately $556,000.

A number of other large investors also recently bought and sold shares of the company. Simplicity Wealth LLC grew its holdings in shares of Permian Resources by 5.2% during 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 during the last quarter. GAMMA Investing LLC lifted its holdings in Permian Resources by 19.6% in the 2nd quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock valued at $70,000 after acquiring an additional 716 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its holdings in Permian Resources by 3.1% during the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after buying an additional 781 shares in the last quarter. Larson Financial Group LLC grew its holdings in shares of Permian Resources by 0.5% in 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 during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Permian Resources by 17.8% in the second 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 own 91.84% of the company’s stock.

Insider Buying and Selling at Permian Resources

In related news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the business’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 in the company, valued at approximately $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of PR opened at $15.13 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $12.15 billion, a P/E ratio of 9.17, a price-to-earnings-growth ratio of 0.89 and a beta of 4.34. The stock’s 50-day moving average price is $14.12 and its two-hundred day moving average price is $14.97. Permian Resources Co. has a 1 year low of $12.34 and a 1 year high of $18.28.

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

Permian Resources Increases Dividend

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PR shares. Citigroup reduced their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. The Goldman Sachs Group started coverage on Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 price target on the stock. Piper Sandler lifted their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday. 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 research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average price target 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.