Truvestments Capital LLC Makes New Investment in Permian Resources Co. (NYSE:PR)

Truvestments Capital LLC purchased a new position in shares of Permian Resources Co. (NYSE:PR) during the third quarter, Holdings Channel.com reports. The institutional investor purchased 7,051 shares of the company’s stock, valued at approximately $96,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Simplicity Wealth LLC boosted its stake in shares of Permian Resources by 5.2% in the 2nd quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after purchasing an additional 646 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Permian Resources by 19.6% in the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock valued at $70,000 after buying an additional 716 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Permian Resources by 0.5% in the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock valued at $3,379,000 after buying an additional 949 shares during the last quarter. Avior Wealth Management LLC raised its holdings in shares of Permian Resources by 0.9% in the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock valued at $1,560,000 after buying an additional 1,007 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Permian Resources by 17.8% in the second quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock valued at $110,000 after buying an additional 1,032 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Benchmark dropped their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Truist Financial boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Mizuho dropped their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, UBS Group dropped their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Two 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Down 0.2 %

PR opened at $15.65 on Wednesday. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $12.57 billion, a P/E ratio of 9.48, a P/E/G ratio of 0.94 and a beta of 4.34. The stock has a fifty day moving average of $14.32 and a 200-day moving average of $14.92.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is currently 36.36%.

Insider Buying and Selling at Permian Resources

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

About Permian Resources

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.