Brookstone Capital Management Raises Stake in Permian Resources Corporation $PR

Brookstone Capital Management boosted its position in Permian Resources Corporation (NYSE:PR) by 5.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,192 shares of the company’s stock after buying an additional 6,337 shares during the quarter. Brookstone Capital Management’s holdings in Permian Resources were worth $1,800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. OneDigital Investment Advisors LLC boosted its stake 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 buying an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake 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 buying an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. boosted its stake 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 buying an additional 2,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Permian Resources by 27.4% during the first 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 period. Finally, Friedenthal Financial purchased a new stake in shares of Permian Resources during the second quarter valued at approximately $871,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wall Street Zen lowered Permian Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Piper Sandler upped their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday. Scotiabank assumed coverage on Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 target price for the company. UBS Group increased their price objective on Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Finally, Royal Bank Of Canada increased their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $18.73.

Permian Resources Trading Down 2.5%

NYSE PR opened at $12.49 on Friday. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. The stock has a market cap of $10.00 billion, a P/E ratio of 8.11 and a beta of 1.32. The stock’s fifty day moving average price is $13.27 and its 200-day moving average price is $13.23. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR) last released its earnings results 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 firm had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the firm posted $0.39 earnings per share. The company’s quarterly revenue was down 3.9% on a year-over-year basis. As a group, equities analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

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

Insider Buying and Selling at Permian Resources

In related news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the 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 in the company, valued at $1,528,555.49. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.44% 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.