Icon Wealth Advisors LLC Boosts Stock Position in Permian Resources Co. (NYSE:PR)

Icon Wealth Advisors LLC grew its position in Permian Resources Co. (NYSE:PR) by 1.0% in the third quarter, Holdings Channel.com reports. The fund owned 130,880 shares of the company’s stock after buying an additional 1,349 shares during the period. Icon Wealth Advisors LLC’s holdings in Permian Resources were worth $1,781,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in Permian Resources during the 2nd quarter worth $30,000. Hexagon Capital Partners LLC raised its stake in shares of Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares in the last quarter. Gilliland Jeter Wealth Management LLC bought a new stake in shares of Permian Resources in the 2nd quarter worth $40,000. UMB Bank n.a. raised 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 buying an additional 1,390 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after buying an additional 2,629 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Activity at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the company’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 directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction 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 in the company, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PR has been the topic of a number of research reports. Truist Financial boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. 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. The Goldman Sachs Group initiated coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 target price on the stock. Piper Sandler boosted their target price on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, UBS Group cut their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.93.

Permian Resources Stock Performance

Shares of NYSE PR opened at $15.59 on Friday. The business’s 50-day moving average price is $14.39 and its two-hundred day moving average price is $14.92. 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 Co. has a one year low of $12.34 and a one year high of $18.28. The company has a market capitalization of $12.52 billion, a P/E ratio of 9.45, a price-to-earnings-growth ratio of 0.94 and a beta of 4.34.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a dividend of $0.15 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.85%. Permian Resources’s dividend payout ratio is presently 36.36%.

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.