Adell Harriman & Carpenter Inc. Makes New $196,000 Investment in Permian Resources Co. (NASDAQ:PR)

Adell Harriman & Carpenter Inc. bought a new position in shares of Permian Resources Co. (NASDAQ:PR) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,411 shares of the company’s stock, valued at approximately $196,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue purchased a new stake in shares of Permian Resources during the 3rd quarter worth approximately $460,000. Commonwealth Equity Services LLC lifted its stake in shares of Permian Resources by 12.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company’s stock worth $326,000 after acquiring an additional 2,582 shares during the period. Xponance Inc. boosted its stake in shares of Permian Resources by 157.3% in the third quarter. Xponance Inc. now owns 38,530 shares of the company’s stock valued at $538,000 after buying an additional 23,555 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Permian Resources by 6.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock worth $471,000 after buying an additional 2,063 shares during the period. Finally, Affinity Wealth Management LLC lifted its holdings in shares of Permian Resources by 9.5% in the third quarter. Affinity Wealth Management LLC now owns 292,034 shares of the company’s stock valued at $4,077,000 after purchasing an additional 25,343 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Susquehanna raised their target price on 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. boosted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Wells Fargo & Company increased their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Truist Financial increased their target price on Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Finally, Citigroup raised their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Permian Resources Stock Performance

Shares of Permian Resources stock traded down $0.43 on Tuesday, hitting $17.12. 951,068 shares of the company’s stock were exchanged, compared to its average volume of 9,155,168. The company has a 50-day simple moving average of $16.75 and a 200-day simple moving average of $14.73. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources Co. has a 1 year low of $8.94 and a 1 year high of $18.28. The stock has a market capitalization of $13.21 billion, a PE ratio of 15.12 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. As a group, equities analysts anticipate that Permian Resources Co. will post 1.66 EPS for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.17%. Permian Resources’s dividend payout ratio is currently 17.24%.

Insiders Place Their Bets

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock worth $516,796,999 in the last ninety days. 12.80% of the stock is owned by company insiders.

Permian Resources Company Profile

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.