Cullen Frost Bankers Inc. Acquires 5,430 Shares of Permian Resources Corporation $PR

Cullen Frost Bankers Inc. raised its position in shares of Permian Resources Corporation (NYSE:PR) by 138.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,345 shares of the company’s stock after purchasing an additional 5,430 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Permian Resources were worth $127,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PR. Wealth Enhancement Advisory Services LLC grew its stake in shares of Permian Resources by 21.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 179,769 shares of the company’s stock valued at $2,490,000 after acquiring an additional 31,812 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Permian Resources by 12.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company’s stock valued at $444,000 after purchasing an additional 3,547 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Permian Resources by 27.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company’s stock valued at $425,000 after purchasing an additional 6,600 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Permian Resources by 58.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 64,896 shares of the company’s stock valued at $899,000 after purchasing an additional 23,969 shares during the last quarter. Finally, Diversified Trust Co bought a new position in shares of Permian Resources during the 1st quarter valued at approximately $157,000. 91.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 4,743 shares of the firm’s stock in a transaction that occurred on 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 owned 107,569 shares in the company, valued at $1,528,555.49. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction that occurred on 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 $1,305,467.10. This represents a 4.91% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.44% of the company’s stock.

Permian Resources Stock Performance

NYSE PR opened at $12.49 on Friday. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The stock’s fifty day moving average is $13.27 and its two-hundred day moving average is $13.25. The firm has a market capitalization of $10.00 billion, a P/E ratio of 8.11 and a beta of 1.32. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63.

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

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Tuesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is currently 38.96%.

Analysts Set New Price Targets

Several brokerages have commented on PR. Royal Bank Of Canada upped their price objective on Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Thursday, October 9th. Mizuho dropped their price objective on Permian Resources from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Raymond James Financial decreased their price target on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a research note on Tuesday, September 2nd. Weiss Ratings cut Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday. Finally, Susquehanna raised their price objective on Permian Resources from $19.00 to $20.00 and gave the stock a “positive” rating in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.73.

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.