Raymond James Trust N.A. Makes New Investment in Permian Resources Co. (NYSE:PR)

Raymond James Trust N.A. purchased a new stake in shares of Permian Resources Co. (NYSE:PR) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 15,862 shares of the company’s stock, valued at approximately $216,000.

Other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC grew its holdings in Permian Resources by 21.8% during the first quarter. Lazard Asset Management LLC now owns 18,322 shares of the company’s stock valued at $323,000 after purchasing an additional 3,279 shares during the period. Janus Henderson Group PLC grew its stake in shares of Permian Resources by 88.3% during the 1st quarter. Janus Henderson Group PLC now owns 330,382 shares of the company’s stock valued at $5,833,000 after acquiring an additional 154,907 shares during the period. California State Teachers Retirement System increased its holdings in Permian Resources by 11.2% in the 1st quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock worth $7,693,000 after acquiring an additional 43,901 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Permian Resources by 1.8% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 125,100 shares of the company’s stock valued at $2,209,000 after purchasing an additional 2,200 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its position in shares of Permian Resources by 143.0% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 5,893 shares of the company’s stock valued at $101,000 after purchasing an additional 3,468 shares during the period. Institutional investors own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In related news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 5.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company decreased their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Susquehanna decreased their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Benchmark cut their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Mizuho dropped their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, The Goldman Sachs Group initiated coverage on Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Down 0.3 %

Shares of PR opened at $15.59 on Friday. The firm has a market capitalization of $12.52 billion, a P/E ratio of 9.45, a P/E/G ratio of 0.94 and a beta of 4.34. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28. The firm has a fifty day moving average price of $14.39 and a 200-day moving average price of $14.92. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The company’s revenue was up 60.3% on a year-over-year basis. Equities research analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.85%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s dividend payout ratio is currently 36.36%.

Permian Resources Company 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.