Raymond James Trust N.A. Buys Shares of 15,862 Permian Resources Co. (NYSE:PR)

Raymond James Trust N.A. purchased a new position in Permian Resources Co. (NYSE:PR) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 15,862 shares of the company’s stock, valued at approximately $216,000.

A number of other large investors have also made changes to their positions in PR. Innealta Capital LLC purchased a new position in shares of Permian Resources in the 2nd quarter valued at approximately $30,000. Hexagon Capital Partners LLC increased its stake in Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares in the last quarter. Gilliland Jeter Wealth Management LLC purchased a new position in shares of Permian Resources in the second quarter worth $40,000. UMB Bank n.a. lifted its stake in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares during the period. Finally, Blue Trust Inc. lifted its stake in shares of Permian Resources by 399.5% during the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after buying an additional 2,629 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Permian Resources

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on PR. Piper Sandler raised their target price on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday, November 18th. JPMorgan Chase & Co. reduced their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Truist Financial upped their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. UBS Group reduced their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Finally, Citigroup decreased their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Two 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 company’s stock. According to data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Stock Performance

NYSE PR opened at $15.59 on Friday. 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 twelve month low of $12.34 and a twelve month high of $18.28. The stock has a 50-day moving average of $14.39 and a 200 day moving average of $14.92. The stock has a market capitalization of $12.52 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 0.94 and a beta of 4.34.

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

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.85%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is currently 36.36%.

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.