Hilltop National Bank Makes New $58,000 Investment in Permian Resources Co. (NYSE:PR)

Hilltop National Bank bought a new position in Permian Resources Co. (NYSE:PR) in the fourth quarter, Holdings Channel reports. The institutional investor bought 4,000 shares of the company’s stock, valued at approximately $58,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PR. Merewether Investment Management LP increased its stake in shares of Permian Resources by 148.1% in the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after acquiring an additional 3,522,300 shares during the last quarter. Point72 Asset Management L.P. increased its position in shares of Permian Resources by 16,359.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after purchasing an additional 3,451,923 shares during the last quarter. Yaupon Capital Management LP increased its position in shares of Permian Resources by 225.0% during the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock worth $51,016,000 after purchasing an additional 2,595,137 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after purchasing an additional 1,638,618 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position 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 purchasing an additional 1,555,884 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PR has been the subject of a number of recent analyst reports. Benchmark cut their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Wells Fargo & Company dropped their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Morgan Stanley began coverage on Permian Resources in a research report on Friday. They issued an “overweight” rating and a $19.00 target price for the company. Finally, Truist Financial lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.88.

Insiders Place Their Bets

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Price Performance

PR stock opened at $15.15 on Friday. The business has a 50 day moving average price of $14.79 and a 200 day moving average price of $14.66. The stock has a market cap of $12.17 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 0.88 and a beta of 4.32. Permian Resources Co. has a fifty-two week low of $12.59 and a fifty-two week 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 posted its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm 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 firm’s revenue was up 60.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 earnings per share. Equities research analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given 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 of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.96%. Permian Resources’s payout ratio is 36.36%.

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.