American Trust Lowers Position in Permian Resources Co. (NASDAQ:PR)

American Trust cut its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 14.1% in the first quarter, HoldingsChannel.com reports. The firm owned 22,525 shares of the company’s stock after selling 3,695 shares during the quarter. American Trust’s holdings in Permian Resources were worth $398,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Global Retirement Partners LLC purchased a new position in Permian Resources during the 1st quarter valued at about $25,000. YHB Investment Advisors Inc. acquired a new stake in Permian Resources in the 1st quarter valued at about $26,000. Parallel Advisors LLC raised its position in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. Rise Advisors LLC acquired a new stake in Permian Resources in the 1st quarter valued at about $32,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Permian Resources in the 4th quarter valued at about $33,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of analyst reports. UBS Group raised Permian Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from $20.00 to $21.00 in a research report on Friday, June 14th. Wells Fargo & Company increased their price target on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. JPMorgan Chase & Co. increased their price target on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Raymond James started coverage on Permian Resources in a research report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 target price on the stock. Finally, Bank of America reissued a “buy” rating and set a $20.00 target price on shares of Permian Resources in a research report on Friday, June 14th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $20.50.

Permian Resources Stock Performance

NASDAQ:PR traded down $0.99 during mid-day trading on Friday, reaching $13.82. 16,601,654 shares of the stock were exchanged, compared to its average volume of 9,824,528. The company has a 50 day simple moving average of $15.76 and a 200-day simple moving average of $15.85. Permian Resources Co. has a 1 year low of $11.17 and a 1 year high of $18.28. The stock has a market capitalization of $10.64 billion, a P/E ratio of 12.56, a P/E/G ratio of 0.57 and a beta of 4.37. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. Analysts anticipate that Permian Resources Co. will post 1.72 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were given a dividend of $0.06 per share. The ex-dividend date was Monday, May 20th. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.74%. Permian Resources’s dividend payout ratio is 21.82%.

Insider Buying and Selling

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the sale, the director now directly owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.80% of the stock is currently owned by company insiders.

About Permian Resources

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.