35,194 Shares in Permian Resources Corporation $PR Purchased by Range Financial Group LLC

Range Financial Group LLC purchased a new position in Permian Resources Corporation (NYSE:PR) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 35,194 shares of the company’s stock, valued at approximately $743,000.

Other large investors also recently modified their holdings of the company. Uncommon Cents Investing Inc grew its stake in shares of Permian Resources by 9.9% in the third quarter. Uncommon Cents Investing Inc now owns 23,665 shares of the company’s stock worth $500,000 after acquiring an additional 2,125 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Permian Resources by 30.6% during the third quarter. Nisa Investment Advisors LLC now owns 23,890 shares of the company’s stock worth $505,000 after acquiring an additional 5,597 shares during the period. Freedom Day Solutions LLC increased its position in Permian Resources by 5.5% during the third quarter. Freedom Day Solutions LLC now owns 94,625 shares of the company’s stock worth $1,998,000 after acquiring an additional 4,919 shares during the period. Frank Rimerman Advisors LLC raised its stake in Permian Resources by 8.6% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 18,484 shares of the company’s stock valued at $390,000 after purchasing an additional 1,471 shares during the last quarter. Finally, Encompass More Asset Management acquired a new position in Permian Resources during the 3rd quarter valued at $573,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Robert Shannon sold 5,104 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president directly owned 1,346,698 shares in the company, valued at $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the transaction, the executive vice president owned 537,400 shares of the company’s stock, valued at $12,763,250. This represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 15,699 shares of company stock valued at $372,851 in the last 90 days. 5.00% of the stock is owned by corporate insiders.

Permian Resources Stock Up 0.2%

Shares of PR opened at $24.85 on Wednesday. The stock has a market cap of $20.81 billion, a price-to-earnings ratio of 16.46 and a beta of 0.66. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources Corporation has a 12 month low of $12.06 and a 12 month high of $25.21. The company has a 50-day moving average price of $22.93 and a two-hundred day moving average price of $21.04.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the business earned $0.28 earnings per share. The company’s quarterly revenue was up 55.1% on a year-over-year basis. Equities analysts predict that Permian Resources Corporation will post 2.37 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 2.6%. Permian Resources’s payout ratio is currently 42.38%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of Permian Resources from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, October 15th. Raymond James Financial restated a “strong-buy” rating and issued a $29.00 price target on shares of Permian Resources in a research report on Thursday, August 27th. Evercore assumed coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price objective on the stock. Truist Financial boosted their price objective on shares of Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Finally, Zacks Research raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Five analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $26.39.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.