Talon Private Wealth LLC Takes $2.57 Million Position in Permian Resources Corporation $PR

Talon Private Wealth LLC bought a new position in Permian Resources Corporation (NYSE:PR) in the 1st quarter, HoldingsChannel.com reports. The fund bought 120,697 shares of the company’s stock, valued at approximately $2,573,000.

Several other institutional investors have also added to or reduced their stakes in PR. SHP Wealth Management bought a new position in shares of Permian Resources during the fourth quarter valued at about $27,000. SJS Investment Consulting Inc. lifted its stake in shares of Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after acquiring an additional 1,341 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Permian Resources in the 4th quarter valued at about $39,000. State of Wyoming boosted its holdings in Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after acquiring an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC purchased a new stake in Permian Resources during the 1st quarter valued at about $48,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Morgan Stanley decreased their price target on Permian Resources from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. KeyCorp began coverage on Permian Resources in a research note on Tuesday, April 7th. They set an “overweight” rating and a $25.00 price objective for the company. Mizuho raised their target price on shares of Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Evercore assumed coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 target price on the stock. Finally, Wells Fargo & Company set a $26.00 price target on shares of Permian Resources in a report on Monday, May 25th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $23.29.

Insider Activity

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.00% of the company’s stock.

Permian Resources Stock Performance

Permian Resources stock opened at $19.78 on Wednesday. The stock’s 50 day simple moving average is $19.47 and its two-hundred day simple moving average is $18.90. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market cap of $16.56 billion, a price-to-earnings ratio of 23.00 and a beta of 0.46. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $22.67.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 earnings per share. As a group, analysts expect that Permian Resources Corporation will post 1.94 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.2%. Permian Resources’s payout ratio is 74.42%.

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.