Vestmark Advisory Solutions Inc. Makes New Investment in Permian Resources Corporation $PR

Vestmark Advisory Solutions Inc. bought a new stake in Permian Resources Corporation (NYSE:PR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,483 shares of the company’s stock, valued at approximately $143,000.

A number of other institutional investors also recently bought and sold shares of the business. Nordea Investment Management AB increased its stake in shares of Permian Resources by 70.1% during the second quarter. Nordea Investment Management AB now owns 490,311 shares of the company’s stock worth $6,727,000 after acquiring an additional 202,026 shares during the period. Friedenthal Financial purchased a new position in shares of Permian Resources during the 2nd quarter worth approximately $871,000. GW&K Investment Management LLC lifted its holdings in shares of Permian Resources by 31.9% in the 1st quarter. GW&K Investment Management LLC now owns 4,299,862 shares of the company’s stock valued at $59,553,000 after buying an additional 1,040,766 shares during the period. Verdence Capital Advisors LLC boosted its stake in shares of Permian Resources by 7.5% in the second quarter. Verdence Capital Advisors LLC now owns 328,009 shares of the company’s stock valued at $4,467,000 after buying an additional 22,903 shares in the last quarter. Finally, Voya Investment Management LLC raised its position in Permian Resources by 58.4% in the first quarter. Voya Investment Management LLC now owns 515,771 shares of the company’s stock worth $7,143,000 after acquiring an additional 190,105 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PR has been the subject of several research reports. Wall Street Zen cut Permian Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Scotiabank started coverage on shares of Permian Resources in a report on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 target price for the company. UBS Group increased their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Morgan Stanley increased their target price on Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Finally, Royal Bank Of Canada lifted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.73.

Permian Resources Trading Up 0.1%

Permian Resources stock opened at $13.33 on Thursday. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $10.67 billion, a price-to-earnings ratio of 12.24 and a beta of 1.31. The firm has a 50-day moving average price of $12.98 and a two-hundred day moving average price of $13.36.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. Permian Resources’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period last year, the business posted $0.53 earnings per share. Sell-side analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.5%. Permian Resources’s dividend payout ratio (DPR) is currently 55.05%.

Insiders Place Their Bets

In related news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the transaction, the executive vice president owned 91,805 shares in the company, valued at $1,305,467.10. This trade represents a 4.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. This trade represents a 4.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 6.44% of the company’s stock.

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.