Larson Financial Group LLC Sells 8,141 Shares of Permian Resources Co. (NASDAQ:PR)

Larson Financial Group LLC lowered its position in Permian Resources Co. (NASDAQ:PR) by 3.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 208,790 shares of the company’s stock after selling 8,141 shares during the quarter. Larson Financial Group LLC’s holdings in Permian Resources were worth $2,840,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. DekaBank Deutsche Girozentrale acquired a new position in shares of Permian Resources in the 4th quarter worth approximately $33,000. Clearstead Advisors LLC acquired a new stake in Permian Resources during the 3rd quarter valued at $45,000. Optimum Investment Advisors acquired a new stake in Permian Resources during the 4th quarter valued at $50,000. Fifth Third Bancorp increased its holdings in Permian Resources by 1,290.7% during the 4th quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock valued at $57,000 after purchasing an additional 3,872 shares in the last quarter. Finally, Tucker Asset Management LLC acquired a new stake in Permian Resources during the 3rd quarter valued at $60,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Raymond James began coverage on Permian Resources in a report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price target for the company. Wells Fargo & Company lifted their target price on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Susquehanna lifted their target price on Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday. Stifel Nicolaus lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, Truist Financial lifted their target price on Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the sale, the director now owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the transaction, the director now directly owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock worth $516,796,999 over the last 90 days. Company insiders own 23.14% of the company’s stock.

Permian Resources Stock Up 0.5 %

Shares of PR traded up $0.09 during midday trading on Monday, hitting $17.17. The stock had a trading volume of 6,808,652 shares, compared to its average volume of 9,466,859. The company has a 50 day simple moving average of $16.45 and a two-hundred day simple moving average of $14.60. Permian Resources Co. has a twelve month low of $8.94 and a twelve month high of $18.28. The firm has a market cap of $13.25 billion, a price-to-earnings ratio of 14.80 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. On average, analysts anticipate that Permian Resources Co. will post 1.72 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.16%. Permian Resources’s dividend payout ratio is 17.24%.

Permian Resources Company Profile

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.