Janney Montgomery Scott LLC Sells 8,888 Shares of Permian Resources Corporation $PR

Janney Montgomery Scott LLC decreased its holdings in Permian Resources Corporation (NYSE:PR) by 27.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,201 shares of the company’s stock after selling 8,888 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Permian Resources were worth $316,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its position in Permian Resources by 19.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock valued at $195,276,000 after purchasing an additional 2,286,363 shares during the last quarter. Nuveen LLC bought a new position in Permian Resources in the 1st quarter valued at $175,525,000. Invesco Ltd. increased its stake in shares of Permian Resources by 8.9% in the 1st quarter. Invesco Ltd. now owns 8,622,575 shares of the company’s stock valued at $119,423,000 after buying an additional 701,825 shares during the period. Millennium Management LLC increased its stake in shares of Permian Resources by 56.7% in the 1st quarter. Millennium Management LLC now owns 7,578,553 shares of the company’s stock valued at $104,963,000 after buying an additional 2,743,272 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Permian Resources by 33.1% in the 1st quarter. Principal Financial Group Inc. now owns 6,620,604 shares of the company’s stock valued at $91,695,000 after buying an additional 1,647,487 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 1.6%

Shares of Permian Resources stock opened at $12.28 on Monday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. The business has a fifty day simple moving average of $13.36 and a 200 day simple moving average of $13.20. The stock has a market cap of $9.83 billion, a PE ratio of 7.98 and a beta of 1.32.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting analysts’ consensus estimates of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the firm earned $0.39 earnings per share. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. Research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.9%. Permian Resources’s payout ratio is currently 38.96%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PR. Wells Fargo & Company lowered their target price on Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday. Weiss Ratings reissued a “buy (b-)” rating on shares of Permian Resources in a research note on Wednesday, October 8th. Piper Sandler lifted their target price on Permian Resources from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. TD Cowen raised Permian Resources to a “strong-buy” rating in a research note on Monday, July 7th. Finally, William Blair began coverage on Permian Resources in a research note on Monday, August 25th. They issued an “outperform” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Buy” and an average price target of $18.67.

Insider Activity

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president directly owned 107,569 shares in the company, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

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.