Beck Capital Management LLC Cuts Holdings in Permian Resources Co. (NYSE:PR)

Beck Capital Management LLC lowered its stake in shares of Permian Resources Co. (NYSE:PR) by 50.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 86,938 shares of the company’s stock after selling 88,885 shares during the period. Beck Capital Management LLC’s holdings in Permian Resources were worth $1,183,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hexagon Capital Partners LLC lifted its stake 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 worth $27,000 after purchasing an additional 1,998 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Permian Resources during the second quarter valued at about $30,000. UMB Bank n.a. lifted its position in shares of 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 buying an additional 1,390 shares during the last quarter. Gilliland Jeter Wealth Management LLC bought a new position in shares of Permian Resources during the 2nd quarter worth approximately $40,000. Finally, Blue Trust Inc. lifted its position in Permian Resources by 399.5% during the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after acquiring an additional 2,629 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

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

Analyst Ratings Changes

Several research firms have issued reports on PR. The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Wells Fargo & Company reduced their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Susquehanna lowered their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. UBS Group dropped their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, Citigroup decreased their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Trading Up 0.4 %

NYSE PR opened at $15.66 on Monday. The company has a fifty day moving average of $14.45 and a 200 day moving average of $14.91. The company has a market capitalization of $12.58 billion, a PE ratio of 9.49, a P/E/G ratio of 0.94 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 1 year low of $12.34 and a 1 year high of $18.28.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 EPS. Research analysts forecast that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is currently 36.36%.

About Permian Resources

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.