Belpointe Asset Management LLC Has $494,000 Stock Position in Permian Resources Corporation $PR

Belpointe Asset Management LLC increased its stake in Permian Resources Corporation (NYSE:PR) by 8.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,250 shares of the company’s stock after acquiring an additional 2,681 shares during the quarter. Belpointe Asset Management LLC’s holdings in Permian Resources were worth $494,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OneDigital Investment Advisors LLC increased its holdings in Permian Resources by 19.2% in the first quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company’s stock worth $267,000 after purchasing an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in Permian Resources by 12.4% in the first quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company’s stock worth $444,000 after purchasing an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in Permian Resources by 8.5% in the first quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company’s stock worth $393,000 after purchasing an additional 2,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Permian Resources by 27.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company’s stock worth $425,000 after purchasing an additional 6,600 shares in the last quarter. Finally, Vontobel Holding Ltd. bought a new stake in Permian Resources in the first quarter worth approximately $174,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the company’s stock in a transaction 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 sale, the executive vice president owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This trade represents a 4.91% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.44% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. William Blair assumed coverage on Permian Resources in a report on Monday, August 25th. They issued an “outperform” rating for the company. Wells Fargo & Company lifted their target price on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, August 13th. UBS Group lifted their target price on Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Raymond James Financial decreased their price objective on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a report on Tuesday, September 2nd. Finally, Mizuho decreased their price objective on Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $18.69.

Permian Resources Trading Down 2.0%

NYSE PR opened at $12.79 on Friday. The company has a market cap of $10.23 billion, a price-to-earnings ratio of 8.30 and a beta of 1.32. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The business has a 50 day moving average price of $13.51 and a 200-day moving average price of $13.27. 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 (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 the consensus estimate of $1.23 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. Permian Resources’s revenue was down 3.9% compared to the same quarter last year. As a group, equities analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors 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 4.7%. Permian Resources’s dividend payout ratio is 38.96%.

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.