Phocas Financial Corp. Trims Stake in Permian Resources Co. (NYSE:PR)

Phocas Financial Corp. decreased its position in Permian Resources Co. (NYSE:PR) by 6.8% in the third quarter, Holdings Channel.com reports. The firm owned 488,656 shares of the company’s stock after selling 35,486 shares during the quarter. Phocas Financial Corp.’s holdings in Permian Resources were worth $6,651,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Janney Montgomery Scott LLC boosted its holdings in Permian Resources by 38.0% in the first quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company’s stock worth $393,000 after acquiring an additional 6,126 shares in the last quarter. Vanguard Group Inc. boosted its stake in Permian Resources by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after purchasing an additional 5,432,654 shares in the last quarter. American International Group Inc. grew its position in Permian Resources by 10.4% during the 1st quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after purchasing an additional 78,146 shares during the last quarter. Vident Advisory LLC bought a new stake in Permian Resources during the 1st quarter valued at about $14,696,000. Finally, EntryPoint Capital LLC purchased a new position in Permian Resources in the first quarter worth about $71,000. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PR. Wells Fargo & Company cut their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Benchmark decreased their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lowered their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Piper Sandler lifted their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Citigroup lowered their target price on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.93.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The trade was a 5.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources Trading Up 2.4 %

NYSE:PR opened at $15.15 on Tuesday. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The business has a fifty day moving average price of $14.07 and a 200-day moving average price of $14.98. The firm has a market capitalization of $12.17 billion, a price-to-earnings ratio of 9.18, a price-to-earnings-growth ratio of 0.89 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. The business’s quarterly revenue was up 60.3% on a year-over-year basis. Sell-side analysts forecast that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.96%. Permian Resources’s dividend payout ratio (DPR) is presently 36.36%.

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.