Icon Wealth Advisors LLC Trims Holdings in Permian Resources Co. (NYSE:PR)

Icon Wealth Advisors LLC lessened its position in Permian Resources Co. (NYSE:PR) by 95.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,380 shares of the company’s stock after selling 123,151 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Permian Resources were worth $87,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PR. Price T Rowe Associates Inc. MD raised its position in shares of Permian Resources by 480.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after acquiring an additional 5,012,287 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after acquiring an additional 4,497,184 shares during the period. Merewether Investment Management LP boosted its holdings in Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after buying an additional 3,522,300 shares in the last quarter. Point72 Asset Management L.P. increased its stake in Permian Resources by 16,359.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock valued at $56,089,000 after purchasing an additional 3,451,923 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after buying an additional 1,555,884 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling

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

Permian Resources Stock Performance

NYSE PR opened at $16.21 on Monday. The stock has a market cap of $13.02 billion, a P/E ratio of 9.82, a PEG ratio of 0.97 and a beta of 4.34. The company’s 50-day simple moving average is $14.28 and its 200 day simple moving average is $14.93. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 earnings per share. As a group, research analysts forecast that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 3.70%. Permian Resources’s dividend payout ratio is presently 36.36%.

Analysts Set New Price Targets

Several analysts have commented on PR shares. Truist Financial lifted their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Susquehanna dropped their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Mizuho decreased their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Benchmark reduced their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group started coverage on shares of Permian Resources in a research note on Monday, September 30th. They set a “buy” rating and a $19.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.

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.