Icon Wealth Advisors LLC Decreases Position in Permian Resources Corporation $PR

Icon Wealth Advisors LLC trimmed its stake in shares of Permian Resources Corporation (NYSE:PR) by 53.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,175 shares of the company’s stock after selling 74,245 shares during the period. Icon Wealth Advisors LLC’s holdings in Permian Resources were worth $894,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new position in shares of Permian Resources during the fourth quarter valued at approximately $39,000. State of Wyoming raised its holdings in shares of Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Permian Resources during the fourth quarter valued at approximately $60,000. Finally, Farther Finance Advisors LLC raised its holdings in shares of Permian Resources by 126.1% during the fourth quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock valued at $62,000 after purchasing an additional 2,477 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PR shares. Wells Fargo & Company set a $26.00 price objective on shares of Permian Resources in a report on Monday, May 25th. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a report on Friday, March 27th. Truist Financial boosted their price objective on shares of Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Royal Bank Of Canada boosted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, March 2nd. Finally, Weiss Ratings lowered shares of Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 12th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $22.69.

Insiders Place Their Bets

In other Permian Resources news, Director Aron Marquez sold 7,750 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total value of $152,055.00. Following the completion of the transaction, the director directly owned 72,218 shares in the company, valued at $1,416,917.16. This represents a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William J. Quinn sold 512,429 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the completion of the transaction, the director owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. The trade was a 6.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 588,198 shares of company stock worth $11,576,280 over the last three months. 5.00% of the stock is currently owned by company insiders.

Permian Resources Stock Performance

Shares of NYSE PR opened at $19.48 on Monday. The firm has a 50 day moving average of $20.32 and a 200 day moving average of $17.76. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $16.31 billion, a price-to-earnings ratio of 22.65 and a beta of 0.48. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $22.67.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.44 earnings per share. On average, research analysts anticipate that Permian Resources Corporation will post 2.01 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, June 16th. Permian Resources’s dividend payout ratio is presently 74.42%.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.