Heritage Investors Management Corp Buys New Stake in Permian Resources Co. (NASDAQ:PR)

Heritage Investors Management Corp purchased a new stake in Permian Resources Co. (NASDAQ:PR) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 65,311 shares of the company’s stock, valued at approximately $888,000.

Several other institutional investors also recently bought and sold shares of PR. DekaBank Deutsche Girozentrale purchased a new stake in shares of Permian Resources in the 4th quarter valued at approximately $33,000. GAMMA Investing LLC acquired a new position in Permian Resources in the fourth quarter valued at approximately $43,000. Clearstead Advisors LLC purchased a new stake in Permian Resources in the third quarter valued at $45,000. Optimum Investment Advisors acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $50,000. Finally, Fifth Third Bancorp grew its position in Permian Resources by 1,290.7% in the 4th quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock valued at $57,000 after buying an additional 3,872 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Permian Resources

In other news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the transaction, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock worth $516,796,999 in the last quarter. 12.80% of the stock is owned by insiders.

Permian Resources Price Performance

PR stock traded down $0.24 during midday trading on Thursday, reaching $17.03. The company had a trading volume of 9,675,239 shares, compared to its average volume of 9,126,746. The company has a market capitalization of $13.14 billion, a price-to-earnings ratio of 14.84 and a beta of 4.32. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a 50 day moving average price of $17.03 and a 200-day moving average price of $14.82. Permian Resources Co. has a 1-year low of $8.94 and a 1-year high of $18.28.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. Equities research analysts expect that Permian Resources Co. will post 1.66 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st will be paid a $0.06 dividend. The ex-dividend date is Monday, May 20th. This represents a $0.24 annualized dividend and a dividend yield of 1.41%. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio is currently 17.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PR shares. Wells Fargo & Company raised their price target on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Citigroup lifted their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Mizuho increased their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday. Benchmark reiterated a “buy” rating and set a $17.00 price objective on shares of Permian Resources in a research report on Tuesday, April 23rd. Finally, Raymond James assumed coverage on Permian Resources in a research note on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and a consensus target price of $19.38.

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.