SevenBridge Financial Group LLC Buys 40,214 Shares of Permian Resources Corporation $PR

SevenBridge Financial Group LLC boosted its position in shares of Permian Resources Corporation (NYSE:PR) by 18.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 263,938 shares of the company’s stock after acquiring an additional 40,214 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Permian Resources were worth $3,513,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PR. Boston Partners acquired a new stake in Permian Resources during the 2nd quarter valued at $134,119,000. Vanguard Group Inc. grew its stake in Permian Resources by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after buying an additional 6,705,644 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Permian Resources by 20.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after buying an additional 4,691,280 shares during the last quarter. Holocene Advisors LP bought a new position in Permian Resources in the 2nd quarter valued at about $42,606,000. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its holdings in Permian Resources by 24.7% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company’s stock valued at $169,774,000 after acquiring an additional 2,628,744 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Permian Resources news, EVP Robert Regan Shannon sold 106,405 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the sale, the executive vice president directly owned 360,667 shares in the company, valued at $4,915,891.21. This represents a 22.78% 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 158,385 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the completion of the transaction, the executive vice president directly owned 1,567,172 shares in the company, valued at approximately $28,820,293.08. This represents a 9.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,965,093 shares of company stock valued at $62,487,101 in the last ninety days. Insiders own 6.44% of the company’s stock.

Permian Resources Stock Performance

Shares of NYSE:PR opened at $19.36 on Thursday. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $19.43. The company’s 50 day moving average price is $16.29 and its two-hundred day moving average price is $14.51. The firm has a market cap of $16.06 billion, a PE ratio of 15.49 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 earnings per share. Equities research analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.16 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Permian Resources’s payout ratio is currently 51.20%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PR. Weiss Ratings upgraded Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. The Goldman Sachs Group increased their target price on Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday. Royal Bank Of Canada lifted their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday, March 2nd. Piper Sandler boosted their price target on Permian Resources from $20.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, March 5th. Finally, Citigroup upped their price objective on Permian Resources from $17.00 to $21.00 and gave the company a “buy” rating in a report on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average target price of $20.00.

About Permian Resources

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.