Avantax Advisory Services Inc. Cuts Position in Permian Resources Co. (NYSE:PR)

Avantax Advisory Services Inc. lowered its position in Permian Resources Co. (NYSE:PR) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 137,608 shares of the company’s stock after selling 2,636 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Permian Resources were worth $1,979,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Atria Investments Inc acquired a new position in shares of Permian Resources in the 3rd quarter valued at $417,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Permian Resources in the third quarter valued at $633,000. Victory Capital Management Inc. boosted its stake in Permian Resources by 4.0% in the third quarter. Victory Capital Management Inc. now owns 1,923,785 shares of the company’s stock valued at $26,183,000 after acquiring an additional 74,432 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of Permian Resources during the third quarter worth about $556,000. Finally, KBC Group NV grew its holdings in shares of Permian Resources by 34.7% during the third quarter. KBC Group NV now owns 15,597 shares of the company’s stock worth $212,000 after purchasing an additional 4,015 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Piper Sandler decreased their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Truist Financial increased their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Morgan Stanley started coverage on shares of Permian Resources in a report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.35.

Insider Transactions at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William J. Quinn bought 500,000 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the purchase, the director now directly owns 812,429 shares of the company’s stock, valued at $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is currently owned by insiders.

Permian Resources Stock Performance

PR stock opened at $13.61 on Tuesday. The stock’s 50 day simple moving average is $14.39 and its 200 day simple moving average is $14.34. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The firm has a market cap of $10.93 billion, a P/E ratio of 8.25, a P/E/G ratio of 4.05 and a beta of 4.30. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.41%. Permian Resources’s payout ratio is currently 41.96%.

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.