Phocas Financial Corp. Reduces Holdings in Permian Resources Co. (NYSE:PR)

Phocas Financial Corp. trimmed its stake in Permian Resources Co. (NYSE:PR) by 1.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 483,667 shares of the company’s stock after selling 4,989 shares during the period. Phocas Financial Corp. owned approximately 0.06% of Permian Resources worth $6,955,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PR. Janney Montgomery Scott LLC grew its position in shares of Permian Resources by 11.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 28,542 shares of the company’s stock valued at $410,000 after buying an additional 2,884 shares during the last quarter. Blue Trust Inc. boosted its stake in Permian Resources by 28.6% during the 4th quarter. Blue Trust Inc. now owns 4,226 shares of the company’s stock worth $58,000 after purchasing an additional 939 shares during the period. KBC Group NV boosted its stake in Permian Resources by 60.7% during the 4th quarter. KBC Group NV now owns 25,072 shares of the company’s stock worth $361,000 after purchasing an additional 9,475 shares during the period. Abel Hall LLC acquired a new stake in Permian Resources during the 4th quarter worth $192,000. Finally, Jennison Associates LLC boosted its stake in Permian Resources by 19.8% during the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock worth $131,710,000 after purchasing an additional 1,511,923 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares in the company, valued at $1,044,294.99. The trade was a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now owns 812,429 shares of the company’s stock, valued at $10,618,447.03. The trade was a 160.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 9,685 shares of company stock valued at $135,687. Corporate insiders own 6.44% of the company’s stock.

Permian Resources Stock Performance

Shares of NYSE PR opened at $12.71 on Tuesday. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $16.95. The company has a 50-day simple moving average of $12.52 and a 200-day simple moving average of $13.85. The company has a market cap of $10.21 billion, a PE ratio of 7.70, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. 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 announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. On average, equities analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.72%. Permian Resources’s payout ratio is currently 37.04%.

Analyst Ratings Changes

A number of analysts recently weighed in on PR shares. Piper Sandler decreased their price target on shares of Permian Resources from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. JPMorgan Chase & Co. decreased their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Williams Trading set a $19.00 price target on shares of Permian Resources in a research note on Wednesday, March 5th. Royal Bank of Canada increased their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday, May 16th. Finally, Morgan Stanley decreased their price target on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.56.

Permian Resources 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.