Deroy & Devereaux Private Investment Counsel Inc. Cuts Stock Position in Permian Resources Corporation $PR

Deroy & Devereaux Private Investment Counsel Inc. lessened its holdings in Permian Resources Corporation (NYSE:PR) by 2.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 187,455 shares of the company’s stock after selling 5,335 shares during the period. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in Permian Resources were worth $2,553,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PR. UMB Bank n.a. grew its holdings in Permian Resources by 12.6% during the 2nd quarter. UMB Bank n.a. now owns 6,953 shares of the company’s stock valued at $95,000 after purchasing an additional 778 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in Permian Resources by 30.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company’s stock valued at $54,000 after purchasing an additional 921 shares in the last quarter. HighPoint Advisor Group LLC grew its holdings in Permian Resources by 5.1% during the 1st quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock valued at $283,000 after purchasing an additional 986 shares in the last quarter. Vident Advisory LLC grew its holdings in Permian Resources by 9.9% during the 1st quarter. Vident Advisory LLC now owns 11,321 shares of the company’s stock valued at $157,000 after purchasing an additional 1,019 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV grew its holdings in Permian Resources by 1.8% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 64,181 shares of the company’s stock worth $889,000 after acquiring an additional 1,106 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

PR has been the subject of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, August 13th. 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. Raymond James Financial decreased their price objective on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a report on Tuesday, September 2nd. Piper Sandler raised their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, July 17th. Finally, Wall Street Zen lowered shares of Permian Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $18.69.

Insider Activity

In related news, 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 sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. This trade represents a 4.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The shares were 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 disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Permian Resources Trading Down 1.9%

NYSE PR opened at $12.37 on Wednesday. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The company has a 50-day simple moving average of $13.43 and a 200-day simple moving average of $13.23. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The firm has a market capitalization of $9.90 billion, a PE ratio of 8.03 and a beta of 1.32.

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

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.9%. Permian Resources’s 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.