Heritage Wealth Management LLC Takes $177,000 Position in Permian Resources Co. (NASDAQ:PR)

Heritage Wealth Management LLC purchased a new stake in Permian Resources Co. (NASDAQ:PR) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 13,018 shares of the company’s stock, valued at approximately $177,000.

Other hedge funds also recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in shares of Permian Resources by 317.9% in the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock valued at $338,000 after purchasing an additional 18,398 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Permian Resources by 110.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,089 shares of the company’s stock worth $1,565,000 after buying an additional 60,474 shares in the last quarter. Comerica Bank grew its position in Permian Resources by 110,645.5% during the third quarter. Comerica Bank now owns 946,874 shares of the company’s stock worth $13,218,000 after buying an additional 946,019 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its position in Permian Resources by 7.2% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock worth $42,584,000 after buying an additional 210,870 shares in the last quarter. Finally, Raymond James & Associates grew its position in Permian Resources by 26.1% during the fourth quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock worth $8,624,000 after buying an additional 131,078 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on PR shares. Benchmark restated a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research report on Tuesday, April 23rd. Susquehanna boosted their target price on Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Stifel Nicolaus upped their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Raymond James initiated coverage on Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price objective for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Friday, April 12th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.31.

Permian Resources Stock Up 1.3 %

Shares of NASDAQ:PR opened at $16.93 on Friday. Permian Resources Co. has a 52-week low of $8.94 and a 52-week high of $18.28. The firm has a market capitalization of $13.07 billion, a P/E ratio of 14.59 and a beta of 4.32. The stock has a 50 day moving average price of $16.90 and a 200-day moving average price of $14.78. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, equities research analysts anticipate that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.18%. Permian Resources’s payout ratio is currently 17.24%.

Insider Buying and Selling

In other Permian Resources news, CEO William M. Hickey III sold 4,000,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $62,840,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William M. Hickey III sold 4,000,000 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $62,840,000.00. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock worth $516,796,999 in the last 90 days. Insiders own 12.80% of the company’s stock.

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.