10,502 Shares in Permian Resources Corporation $PR Purchased by Kingswood Wealth Advisors LLC

Kingswood Wealth Advisors LLC purchased a new position in shares of Permian Resources Corporation (NYSE:PR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,502 shares of the company’s stock, valued at approximately $143,000.

A number of other hedge funds have also bought and sold shares of the business. KLP Kapitalforvaltning AS increased its position in Permian Resources by 5.9% during the second quarter. KLP Kapitalforvaltning AS now owns 131,884 shares of the company’s stock worth $1,796,000 after acquiring an additional 7,400 shares during the period. MADDEN SECURITIES Corp increased its position in Permian Resources by 23.8% during the second quarter. MADDEN SECURITIES Corp now owns 86,975 shares of the company’s stock worth $1,185,000 after acquiring an additional 16,700 shares during the period. Belpointe Asset Management LLC increased its position in Permian Resources by 8.0% during the second quarter. Belpointe Asset Management LLC now owns 36,250 shares of the company’s stock worth $494,000 after acquiring an additional 2,681 shares during the period. QRG Capital Management Inc. increased its position in Permian Resources by 179.8% during the second quarter. QRG Capital Management Inc. now owns 48,308 shares of the company’s stock worth $658,000 after acquiring an additional 31,045 shares during the period. Finally, Hilltop National Bank bought a new position in Permian Resources during the second quarter worth about $75,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Trading Down 4.6%

Shares of Permian Resources stock opened at $12.22 on Monday. The firm has a market capitalization of $9.78 billion, a PE ratio of 7.93 and a beta of 1.32. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The firm’s 50 day moving average is $13.48 and its 200 day moving average is $13.24. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm’s revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 EPS. Equities research analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.9%. Permian Resources’s payout ratio is 38.96%.

Insider Activity at Permian Resources

In related news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. This trade represents a 4.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the sale, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. This represents a 4.22% 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.

Wall Street Analyst Weigh In

Several research firms have commented on PR. Piper Sandler raised their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company an “overweight” rating in a report on Thursday, July 17th. UBS Group raised their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Wall Street Zen lowered shares of Permian Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a report on Monday, July 7th. Finally, Morgan Stanley raised their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $18.69.

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.