Beck Capital Management LLC Decreases Position in Permian Resources Co. (NYSE:PR)

Beck Capital Management LLC reduced its position in shares of Permian Resources Co. (NYSE:PR) by 50.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor 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 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its stake in shares of Permian Resources by 9.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after acquiring an additional 1,543,854 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Permian Resources by 20.6% during the second 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 in the last quarter. Jennison Associates LLC raised its position in shares of Permian Resources by 14.5% in the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after buying an additional 966,940 shares during the last quarter. Finally, Merewether Investment Management LP lifted its stake in shares of Permian Resources by 148.1% in 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. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Trading Up 0.4 %

Shares of PR stock opened at $15.66 on Monday. The company has a 50-day moving average of $14.45 and a two-hundred day moving average of $14.91. The firm has a market cap of $12.58 billion, a PE ratio of 9.49, a price-to-earnings-growth ratio of 0.94 and a beta of 4.34. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. 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 (NYSE:PR) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $1.22 billion. During the same quarter last year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. On average, analysts predict that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

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

Insider Activity at Permian Resources

In related news, 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on PR. Susquehanna cut their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. The Goldman Sachs Group started coverage on Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target for the company. UBS Group lowered their price objective 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. JPMorgan Chase & Co. dropped their target price on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Wells Fargo & Company reduced their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Two 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 company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Company 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.