JPMorgan Chase & Co. Has $36.18 Million Stock Holdings in Permian Resources Corporation $PR

JPMorgan Chase & Co. decreased its holdings in shares of Permian Resources Corporation (NYSE:PR) by 4.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,826,292 shares of the company’s stock after selling 117,042 shares during the period. JPMorgan Chase & Co. owned approximately 0.35% of Permian Resources worth $36,177,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Farther Finance Advisors LLC increased its holdings in Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after purchasing an additional 1,047 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of 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 buying an additional 1,391 shares during the period. Parkside Financial Bank & Trust increased its stake in shares of Permian Resources by 90.8% in the 2nd 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 during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after acquiring an additional 3,224 shares during the period. Finally, Allworth Financial LP boosted its stake in Permian Resources by 162.4% during the 2nd quarter. Allworth Financial LP now owns 5,430 shares of the company’s stock worth $74,000 after acquiring an additional 3,361 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 106,399 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $1,450,218.37. Following the sale, the executive vice president directly owned 376,442 shares in the company, valued at approximately $5,130,904.46. The trade was a 22.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William M. Hickey III sold 467,725 shares of the stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the transaction, the chief executive officer owned 1,010,136 shares of the company’s stock, valued at approximately $13,768,153.68. This represents a 31.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,210,456 shares of company stock valued at $30,231,728 in the last quarter. Company insiders own 6.44% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the subject of several recent analyst reports. TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a research note on Monday, February 9th. UBS Group lifted their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Raymond James Financial restated a “strong-buy” rating and issued a $21.00 price target on shares of Permian Resources in a report on Thursday. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Finally, Zacks Research upgraded Permian Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $18.64.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $18.28 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market cap of $15.16 billion, a price-to-earnings ratio of 14.62 and a beta of 0.77. The stock’s 50-day moving average is $15.52 and its 200-day moving average is $14.20. Permian Resources Corporation has a one year low of $10.01 and a one year high of $18.58.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.97% and a net margin of 18.46%.The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm earned $0.36 EPS. Permian Resources’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 3.5%. Permian Resources’s dividend payout ratio is currently 51.20%.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.