Wright Investors Service Inc. Makes New Investment in Permian Resources Co. (NYSE:PR)

Wright Investors Service Inc. acquired a new stake in Permian Resources Co. (NYSE:PR) in the 4th quarter, according to the company in its most recent filing with the SEC. The firm acquired 34,616 shares of the company’s stock, valued at approximately $498,000.

Other hedge funds have also recently modified their holdings of the company. Sunbelt Securities Inc. increased its position in shares of Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after acquiring an additional 800 shares during the last quarter. Avior Wealth Management LLC grew its stake in Permian Resources by 0.9% in the 3rd quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock valued at $1,560,000 after purchasing an additional 1,007 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Permian Resources by 9.7% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,939 shares of the company’s stock valued at $209,000 after purchasing an additional 1,147 shares during the last quarter. Icon Wealth Advisors LLC raised its stake in shares of Permian Resources by 1.0% during the 3rd quarter. Icon Wealth Advisors LLC now owns 130,880 shares of the company’s stock worth $1,781,000 after purchasing an additional 1,349 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in shares of Permian Resources by 0.7% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 184,475 shares of the company’s stock worth $2,511,000 after buying an additional 1,370 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 1.7 %

Shares of Permian Resources stock opened at $15.40 on Tuesday. The company’s 50-day moving average price is $14.82 and its 200-day moving average price is $14.64. The company has a market cap of $12.37 billion, a price-to-earnings ratio of 9.33, a PEG ratio of 0.88 and a beta of 4.32. Permian Resources Co. has a 12-month low of $12.59 and a 12-month high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last posted its 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 business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. On average, equities analysts expect 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 given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.90%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s payout ratio is presently 36.36%.

Insiders Place Their Bets

In other news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Wells Fargo & Company decreased their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. UBS Group reduced their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Mizuho lowered their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, Truist Financial upped their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $19.06.

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.