Triad Investment Management Sells 3,763 Shares of Permian Resources Co. (NASDAQ:PR)

Triad Investment Management trimmed its position in Permian Resources Co. (NASDAQ:PR) by 26.8% in the 1st quarter, Holdings Channel reports. The firm owned 10,294 shares of the company’s stock after selling 3,763 shares during the quarter. Triad Investment Management’s holdings in Permian Resources were worth $182,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PR. Deutsche Bank AG boosted its holdings in Permian Resources by 24.1% in the 3rd quarter. Deutsche Bank AG now owns 135,865 shares of the company’s stock valued at $1,897,000 after purchasing an additional 26,393 shares during the period. Rhumbline Advisers lifted its holdings in shares of Permian Resources by 127.0% during the 3rd quarter. Rhumbline Advisers now owns 917,646 shares of the company’s stock worth $12,810,000 after acquiring an additional 513,331 shares during the last quarter. Kestra Advisory Services LLC lifted its holdings in shares of Permian Resources by 6.0% during the 3rd quarter. Kestra Advisory Services LLC now owns 50,792 shares of the company’s stock worth $709,000 after acquiring an additional 2,853 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Permian Resources during the 3rd quarter worth $286,000. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Permian Resources by 80.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 305,185 shares of the company’s stock worth $4,260,000 after acquiring an additional 135,949 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Truist Financial lifted their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Raymond James started coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price target for the company. Benchmark reissued a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Tuesday, April 23rd. Mizuho boosted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Finally, UBS Group raised shares of Permian Resources from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $21.00 in a research note on Friday, June 14th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Permian Resources currently has a consensus rating of “Buy” and a consensus price target of $20.31.

Permian Resources Trading Down 0.8 %

Shares of PR stock traded down $0.13 during mid-day trading on Tuesday, reaching $15.72. The stock had a trading volume of 6,041,574 shares, compared to its average volume of 9,475,233. The stock’s 50-day moving average price is $16.32 and its two-hundred day moving average price is $15.35. Permian Resources Co. has a 52-week low of $10.31 and a 52-week high of $18.28. The firm has a market capitalization of $12.10 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 0.60 and a beta of 4.27. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.06. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Equities analysts expect that Permian Resources Co. will post 1.78 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were given a dividend of $0.06 per share. The ex-dividend date was Monday, May 20th. This represents a $0.24 annualized dividend and a dividend yield of 1.53%. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s payout ratio is currently 21.82%.

Insider Activity at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the transaction, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 12.80% of the stock is owned by corporate insiders.

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.