Simmons Bank Has $531,000 Stock Position in Permian Resources Co. (NASDAQ:PR)

Simmons Bank raised its position in Permian Resources Co. (NASDAQ:PR) by 17.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,050 shares of the company’s stock after buying an additional 5,850 shares during the quarter. Simmons Bank’s holdings in Permian Resources were worth $531,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new stake in Permian Resources during the fourth quarter worth approximately $33,000. GAMMA Investing LLC bought a new stake in Permian Resources during the fourth quarter worth about $43,000. Clearstead Advisors LLC acquired a new stake in Permian Resources during the third quarter worth about $45,000. Optimum Investment Advisors bought a new position in Permian Resources in the 4th quarter valued at about $50,000. Finally, Fifth Third Bancorp lifted its holdings in shares of Permian Resources by 1,290.7% during the 4th quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after acquiring an additional 3,872 shares during the period. Institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,916,943 shares of company stock worth $516,796,999. 12.80% of the stock is currently owned by insiders.

Permian Resources Trading Down 1.8 %

Shares of NASDAQ:PR traded down $0.32 during mid-day trading on Wednesday, reaching $17.23. 10,491,026 shares of the company’s stock were exchanged, compared to its average volume of 9,075,622. 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 Co. has a twelve month low of $8.94 and a twelve month high of $18.28. The firm has a market capitalization of $13.30 billion, a price-to-earnings ratio of 15.14 and a beta of 4.32. The business’s fifty day moving average price is $16.99 and its 200-day moving average price is $14.80.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. On average, research analysts predict that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Monday, May 20th. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio is currently 17.24%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Mizuho lifted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday. Benchmark reissued a “buy” rating and set a $17.00 price target on shares of Permian Resources in a report on Tuesday, April 23rd. Truist Financial upped their price objective on Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. Finally, Susquehanna increased their target price on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $19.38.

Permian Resources 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.