HighTower Advisors LLC Purchases 92,309 Shares of Permian Resources Corporation $PR

HighTower Advisors LLC boosted its position in shares of Permian Resources Corporation (NYSE:PR) by 55.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 259,403 shares of the company’s stock after acquiring an additional 92,309 shares during the period. HighTower Advisors LLC’s holdings in Permian Resources were worth $3,639,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake in Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after acquiring an additional 3,224 shares during the period. FNY Investment Advisers LLC bought a new position in Permian Resources during the fourth quarter valued at about $60,000. Farther Finance Advisors LLC increased its stake in Permian Resources by 126.1% during the fourth quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock valued at $62,000 after acquiring an additional 2,477 shares during the period. Allworth Financial LP increased its stake in Permian Resources by 18.7% during the third quarter. Allworth Financial LP now owns 6,445 shares of the company’s stock valued at $82,000 after acquiring an additional 1,015 shares during the period. Finally, LRI Investments LLC bought a new position in Permian Resources during the fourth quarter valued at about $82,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Down 0.5%

NYSE:PR opened at $19.22 on Friday. The stock’s fifty day moving average price is $20.55 and its two-hundred day moving average price is $17.32. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $16.09 billion, a price-to-earnings ratio of 22.35 and a beta of 0.52.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the business earned $0.44 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. On average, analysts anticipate that Permian Resources Corporation will post 2 EPS for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.3%. Permian Resources’s dividend payout ratio is currently 74.42%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Mizuho upped their price objective on Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a research note on Friday, March 27th. Scotiabank upped their price objective on Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd. Finally, Zacks Research lowered Permian Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.69.

Insider Activity

In other news, EVP John Charles Bell sold 158,385 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total value of $2,912,700.15. Following the transaction, the executive vice president owned 1,567,172 shares of the company’s stock, valued at $28,820,293.08. This represents a 9.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James H. Walter sold 673,425 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the completion of the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. This trade represents a 6.69% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 3,192,835 shares of company stock worth $60,120,653. 5.00% of the stock is owned by company insiders.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.