Concurrent Investment Advisors LLC Takes $630,000 Position in Permian Resources Corporation $PR

Concurrent Investment Advisors LLC purchased a new stake in Permian Resources Corporation (NYSE:PR) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 49,185 shares of the company’s stock, valued at approximately $630,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PR. Nordea Investment Management AB grew its position in shares of Permian Resources by 1.7% during the 3rd quarter. Nordea Investment Management AB now owns 498,552 shares of the company’s stock worth $6,289,000 after purchasing an additional 8,241 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Permian Resources by 17.8% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 47,255 shares of the company’s stock valued at $605,000 after buying an additional 7,131 shares during the period. New York State Teachers Retirement System grew its position in Permian Resources by 5.3% during the third quarter. New York State Teachers Retirement System now owns 287,342 shares of the company’s stock worth $3,678,000 after buying an additional 14,372 shares in the last quarter. Bayforest Capital Ltd increased its stake in Permian Resources by 20.7% during the 3rd quarter. Bayforest Capital Ltd now owns 29,718 shares of the company’s stock worth $380,000 after acquiring an additional 5,099 shares during the period. Finally, Oliver Luxxe Assets LLC raised its holdings in Permian Resources by 3.1% in the 3rd quarter. Oliver Luxxe Assets LLC now owns 187,388 shares of the company’s stock valued at $2,399,000 after acquiring an additional 5,652 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. The Goldman Sachs Group increased their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Bank of America restated a “neutral” rating and issued a $16.00 target price (down from $17.00) on shares of Permian Resources in a research report on Friday. UBS Group upped their price target on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Wells Fargo & Company decreased their price objective on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.79.

Insiders Place Their Bets

In other Permian Resources news, CEO William M. Hickey III sold 467,725 shares of the stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,375,091.75. Following the completion of the transaction, the chief executive officer directly owned 1,010,136 shares in the company, valued at approximately $13,768,153.68. This trade represents a 31.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Regan Shannon sold 106,405 shares of the business’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,300.15. Following the sale, the executive vice president owned 360,667 shares in the company, valued at approximately $4,915,891.21. This trade represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 2,210,456 shares of company stock worth $30,231,728. Company insiders own 6.44% of the company’s stock.

Permian Resources Trading Up 0.5%

PR opened at $14.39 on Monday. The company has a market cap of $11.93 billion, a P/E ratio of 13.20 and a beta of 0.66. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $14.13 and its 200-day moving average is $13.63. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.03.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.53 EPS. Equities research analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.2%. Permian Resources’s payout ratio is currently 55.05%.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.