Permian Resources Co. (NYSE:PR) Shares Sold by Princeton Capital Management LLC

Princeton Capital Management LLC trimmed its stake in shares of Permian Resources Co. (NYSE:PR) by 34.0% during the third quarter, Holdings Channel reports. The institutional investor owned 50,844 shares of the company’s stock after selling 26,160 shares during the period. Princeton Capital Management LLC’s holdings in Permian Resources were worth $692,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Hexagon Capital Partners LLC boosted its stake in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after buying an additional 1,998 shares in the last quarter. Innealta Capital LLC acquired a new stake in Permian Resources in the 2nd quarter valued at about $30,000. Transcendent Capital Group LLC bought a new position in shares of Permian Resources during the 1st quarter valued at about $36,000. UMB Bank n.a. grew its stake in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after purchasing an additional 1,390 shares during the last quarter. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in shares of Permian Resources in the 2nd quarter worth approximately $40,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This trade represents a 5.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Permian Resources Stock Performance

PR stock opened at $15.15 on Tuesday. The firm has a 50 day simple moving average of $14.07 and a 200 day simple moving average of $14.98. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The stock has a market cap of $12.17 billion, a P/E ratio of 9.18, a P/E/G ratio of 0.89 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the firm earned $0.36 earnings per share. The business’s quarterly revenue was up 60.3% compared to the same quarter last year. Research analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be given a $0.15 dividend. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.96%. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Susquehanna reduced their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Mizuho decreased their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. cut their target price on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Citigroup decreased their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Benchmark dropped their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.93.

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.