Heritage Investors Management Corp Acquires New Shares in Permian Resources Co. (NASDAQ:PR)

Heritage Investors Management Corp acquired a new position in Permian Resources Co. (NASDAQ:PR) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 65,311 shares of the company’s stock, valued at approximately $888,000.

Other large investors have also recently modified their holdings of the company. Arizona State Retirement System increased its holdings in shares of Permian Resources by 1.5% during the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock valued at $999,000 after acquiring an additional 1,041 shares in the last quarter. Truist Financial Corp grew its stake in Permian Resources by 9.4% in the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock valued at $172,000 after acquiring an additional 1,086 shares during the period. Orion Portfolio Solutions LLC lifted its position in shares of Permian Resources by 2.1% in the third quarter. Orion Portfolio Solutions LLC now owns 62,816 shares of the company’s stock valued at $877,000 after acquiring an additional 1,275 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Permian Resources by 6.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 34,491 shares of the company’s stock valued at $481,000 after acquiring an additional 1,981 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Permian Resources by 6.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock valued at $471,000 after acquiring an additional 2,063 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock traded down $0.24 during mid-day trading on Thursday, reaching $17.03. 9,675,239 shares of the stock were exchanged, compared to its average volume of 9,126,746. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The company has a market cap of $13.14 billion, a price-to-earnings ratio of 14.84 and a beta of 4.32. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The firm has a 50-day simple moving average of $17.03 and a 200 day simple moving average of $14.82.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, sell-side analysts predict that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Increases Dividend

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

Insiders Place Their Bets

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The sale was disclosed in a filing with the SEC, which is available through this link. In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the transaction, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock worth $516,796,999 in the last 90 days. Company insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Truist Financial increased their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Piper Sandler boosted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research report on Friday, April 12th. Stifel Nicolaus increased their target price on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Citigroup raised their target price on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $19.38.

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.