Focus Partners Wealth Sells 254,177 Shares of Permian Resources Co. (NYSE:PR)

Focus Partners Wealth decreased its position in Permian Resources Co. (NYSE:PR) by 50.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,885 shares of the company’s stock after selling 254,177 shares during the period. Focus Partners Wealth’s holdings in Permian Resources were worth $3,622,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PR. Ethic Inc. raised its stake in Permian Resources by 85.4% during the 4th quarter. Ethic Inc. now owns 25,063 shares of the company’s stock valued at $360,000 after buying an additional 11,542 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in shares of Permian Resources by 31.1% in the fourth quarter. Ensign Peak Advisors Inc now owns 399,846 shares of the company’s stock worth $5,750,000 after acquiring an additional 94,757 shares during the period. Deutsche Bank AG raised its position in shares of Permian Resources by 96.2% during the fourth quarter. Deutsche Bank AG now owns 2,140,160 shares of the company’s stock valued at $30,776,000 after buying an additional 1,049,358 shares during the last quarter. Dean Capital Management bought a new position in shares of Permian Resources during the 4th quarter valued at about $1,618,000. Finally, Crestline Management LP raised its holdings in shares of Permian Resources by 222.4% during the 4th quarter. Crestline Management LP now owns 97,874 shares of the company’s stock worth $1,407,000 after acquiring an additional 67,512 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

PR has been the subject of several recent research reports. Royal Bank of Canada dropped their price target on Permian Resources from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. Morgan Stanley dropped their price objective on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. UBS Group boosted their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a report on Monday. Williams Trading set a $19.00 target price on Permian Resources in a research note on Wednesday, March 5th. Finally, Bank of America reduced their target price on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.47.

Permian Resources Stock Down 2.0%

PR stock opened at $13.53 on Friday. The company has a market capitalization of $10.87 billion, a P/E ratio of 8.20, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The firm’s fifty day simple moving average is $12.57 and its 200-day simple moving average is $13.90. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $16.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 EPS. As a group, equities research analysts forecast that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.43%. Permian Resources’s dividend payout ratio (DPR) is presently 37.04%.

Insider Activity

In related news, EVP John Charles Bell sold 2,804 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the sale, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at approximately $1,044,294.99. This trade represents a 3.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock worth $135,687 over the last quarter. 6.44% of the stock is currently owned by corporate insiders.

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.