WBI Investments LLC Takes Position in Permian Resources Corporation $PR

WBI Investments LLC bought a new position in shares of Permian Resources Corporation (NYSE:PR) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 68,700 shares of the company’s stock, valued at approximately $936,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PR. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Permian Resources by 154.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after purchasing an additional 1,391 shares during the last quarter. Keystone Global Partners LLC acquired a new stake in shares of Permian Resources during the first quarter worth approximately $36,000. FNY Investment Advisers LLC bought a new stake in shares of Permian Resources in the second quarter worth $36,000. Parkside Financial Bank & Trust raised its holdings in Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after acquiring an additional 1,357 shares in the last quarter. Finally, Brooklyn Investment Group boosted its stake in Permian Resources by 433.9% during the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock valued at $43,000 after acquiring an additional 2,534 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the transaction, the executive vice president directly owned 107,569 shares in the company, valued at $1,528,555.49. This trade represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 91,805 shares in the company, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE:PR opened at $13.72 on Tuesday. The firm’s 50 day moving average is $12.96 and its two-hundred day moving average is $13.40. The firm has a market capitalization of $11.37 billion, a P/E ratio of 12.58 and a beta of 1.31. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33.

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

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders 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 yield of 4.4%. Permian Resources’s dividend payout ratio (DPR) is presently 55.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Scotiabank assumed coverage on shares of Permian Resources in a research note on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 target price on the stock. Mizuho decreased their target price on Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. UBS Group upped their price target on Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Weiss Ratings cut Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, Susquehanna boosted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a research note on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.87.

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.