Frank Rimerman Advisors LLC Takes $259,000 Position in Permian Resources Corporation $PR

Frank Rimerman Advisors LLC acquired a new position in Permian Resources Corporation (NYSE:PR) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 18,999 shares of the company’s stock, valued at approximately $259,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Advisor Group LLC boosted its stake in shares of Permian Resources by 53.7% in the 1st quarter. Private Advisor Group LLC now owns 24,527 shares of the company’s stock valued at $340,000 after purchasing an additional 8,572 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in Permian Resources in the first quarter valued at approximately $143,000. HighPoint Advisor Group LLC boosted its stake in Permian Resources by 5.1% in the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock valued at $283,000 after acquiring an additional 986 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Permian Resources during the 1st quarter worth $5,631,000. Finally, KLP Kapitalforvaltning AS grew its holdings in Permian Resources by 3.1% during the 1st quarter. KLP Kapitalforvaltning AS now owns 124,484 shares of the company’s stock worth $1,724,000 after acquiring an additional 3,700 shares during the period. 91.84% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the sale, the executive vice president directly owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. This represents a 4.91% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 6.44% of the company’s stock.

Permian Resources Stock Down 1.4%

Shares of Permian Resources stock opened at $13.83 on Friday. The company has a market capitalization of $11.47 billion, a P/E ratio of 12.68 and a beta of 1.31. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The business has a 50-day moving average of $12.95 and a two-hundred day moving average of $13.42. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. Permian Resources’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 earnings per share. As a group, equities analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Wednesday, December 17th. Permian Resources’s dividend payout ratio (DPR) is presently 55.05%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PR. Royal Bank Of Canada raised their price target on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Scotiabank initiated coverage on Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 target price on the stock. The Goldman Sachs Group boosted their target price on Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Wells Fargo & Company cut their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Finally, Mizuho decreased their price objective on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and a consensus target price of $18.80.

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.