Permian Resources Co. (NYSE:PR) Shares Sold by Sanders Morris Harris LLC

Sanders Morris Harris LLC trimmed its holdings in Permian Resources Co. (NYSE:PR) by 31.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 224,079 shares of the company’s stock after selling 101,500 shares during the period. Sanders Morris Harris LLC’s holdings in Permian Resources were worth $3,106,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Sunbelt Securities Inc. raised its position in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares during the last quarter. Avior Wealth Management LLC increased its position in Permian Resources by 0.9% during the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock worth $1,560,000 after purchasing an additional 1,007 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in Permian Resources by 9.7% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,939 shares of the company’s stock worth $209,000 after purchasing an additional 1,147 shares during the last quarter. Icon Wealth Advisors LLC increased its position in Permian Resources by 1.0% during the third quarter. Icon Wealth Advisors LLC now owns 130,880 shares of the company’s stock worth $1,781,000 after purchasing an additional 1,349 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its position in Permian Resources by 0.7% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 184,475 shares of the company’s stock worth $2,511,000 after purchasing an additional 1,370 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on PR. Piper Sandler cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Truist Financial raised their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday. The Goldman Sachs Group began coverage on shares of Permian Resources in a research note on Monday, September 30th. They set a “buy” rating and a $19.00 target price for the company. Morgan Stanley began coverage on shares of Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Finally, Benchmark lowered their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and an average price target of $19.06.

Insider Buying and Selling

In related news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Stock Performance

Shares of Permian Resources stock traded up $0.14 during trading on Thursday, reaching $15.79. The company’s stock had a trading volume of 488,431 shares, compared to its average volume of 7,497,119. The company has a 50-day moving average price of $14.86 and a two-hundred day moving average price of $14.64. The firm has a market cap of $12.69 billion, a PE ratio of 9.57, a P/E/G ratio of 0.88 and a beta of 4.32. Permian Resources Co. has a fifty-two week low of $12.59 and a fifty-two week high of $18.28. 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 (NYSE:PR) last announced its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the previous year, the company posted $0.36 EPS. Permian Resources’s revenue was up 60.3% compared to the same quarter last year. On average, analysts forecast that Permian Resources Co. will post 1.44 EPS for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s dividend payout ratio is currently 36.36%.

Permian Resources Company 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.