Sumitomo Mitsui Trust Group Inc. Makes New Investment in Permian Resources Co. (NYSE:PR)

Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Permian Resources Co. (NYSE:PR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 46,501 shares of the company’s stock, valued at approximately $633,000.

Several other institutional investors and hedge funds have also modified their holdings of PR. Hexagon Capital Partners LLC increased its position in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Permian Resources during the 2nd quarter valued at about $30,000. Transcendent Capital Group LLC acquired a new position in shares of Permian Resources during the 1st quarter valued at about $36,000. UMB Bank n.a. raised its stake in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after acquiring an additional 1,390 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC acquired a new stake in Permian Resources in the 2nd quarter worth approximately $40,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Ratings Changes

PR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Piper Sandler lifted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup decreased their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Truist Financial lifted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, UBS Group decreased their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Performance

Shares of NYSE PR opened at $15.13 on Wednesday. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $14.12 and a 200 day simple moving average of $14.97. The firm has a market capitalization of $12.15 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 0.89 and a beta of 4.34.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS. Sell-side analysts expect that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.97%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 14th. Permian Resources’s payout ratio is presently 36.36%.

Insider Activity

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

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.