Silvercrest Asset Management Group LLC Has $15.50 Million Stock Position in Permian Resources Co. (NASDAQ:PR)

Silvercrest Asset Management Group LLC decreased its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 0.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 877,411 shares of the company’s stock after selling 3,667 shares during the quarter. Silvercrest Asset Management Group LLC owned approximately 0.11% of Permian Resources worth $15,495,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Azzad Asset Management Inc. ADV boosted its holdings in shares of Permian Resources by 2.0% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock worth $677,000 after buying an additional 740 shares during the period. Mount Yale Investment Advisors LLC boosted its holdings in shares of Permian Resources by 3.1% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after buying an additional 781 shares during the period. Chilton Capital Management LLC boosted its holdings in Permian Resources by 4.6% in the 1st quarter. Chilton Capital Management LLC now owns 22,868 shares of the company’s stock valued at $404,000 after purchasing an additional 1,000 shares during the period. Truist Financial Corp boosted its holdings 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 purchasing an additional 1,086 shares during the period. Finally, Parallel Advisors LLC boosted its holdings in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares during the period. 91.84% of the stock is owned by institutional investors.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the sale, the director now owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock traded down $0.06 during mid-day trading on Tuesday, reaching $15.27. 5,494,926 shares of the stock were exchanged, compared to its average volume of 10,033,316. The company has a market cap of $11.76 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 0.60 and a beta of 4.37. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. The firm has a 50-day simple moving average of $15.85 and a 200 day simple moving average of $15.82. Permian Resources Co. has a fifty-two week low of $11.17 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The business had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. On average, sell-side analysts predict that Permian Resources Co. will post 1.7 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Mizuho increased their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. UBS Group raised shares of Permian Resources from a “neutral” rating to a “buy” rating and increased their price target for the company from $20.00 to $21.00 in a report on Friday, June 14th. Susquehanna increased their price target on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. JPMorgan Chase & Co. increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Finally, Bank of America reaffirmed a “buy” rating and set a $20.00 price objective on shares of Permian Resources in a report on Friday, June 14th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.50.

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.