Navellier & Associates Inc. Sells 10,393 Shares of Permian Resources Co. (NYSE:PR)

Navellier & Associates Inc. decreased its position in shares of Permian Resources Co. (NYSE:PR) by 20.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,553 shares of the company’s stock after selling 10,393 shares during the period. Navellier & Associates Inc.’s holdings in Permian Resources were worth $552,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Hexagon Capital Partners LLC increased its position in shares of Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares during the last quarter. Innealta Capital LLC purchased a new position in Permian Resources during the 2nd quarter valued at about $30,000. Transcendent Capital Group LLC purchased a new stake in Permian Resources during the first quarter worth $36,000. UMB Bank n.a. boosted its position in Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in shares of Permian Resources in the 2nd quarter worth approximately $40,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The trade was a 5.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PR. Benchmark decreased their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Truist Financial increased their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. JPMorgan Chase & Co. lowered their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Finally, UBS Group reduced their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Stock Performance

Shares of PR stock opened at $15.97 on Friday. The business has a 50 day simple moving average of $14.22 and a 200 day simple moving average of $14.98. The firm has a market capitalization of $12.83 billion, a price-to-earnings ratio of 9.68, a price-to-earnings-growth ratio of 0.91 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the firm posted $0.36 earnings per share. The firm’s revenue for the quarter was up 60.3% compared to the same quarter last year. On average, equities research analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be paid a $0.15 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.76%. Permian Resources’s payout ratio is presently 36.36%.

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.