SevenBridge Financial Group LLC Takes $836,000 Position in Permian Resources Co. (NYSE:PR)

SevenBridge Financial Group LLC bought a new position in Permian Resources Co. (NYSE:PR) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 55,356 shares of the company’s stock, valued at approximately $836,000.

Other large investors have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP increased its holdings in shares of Permian Resources by 3.4% in the third quarter. Westfield Capital Management Co. LP now owns 5,119,622 shares of the company’s stock valued at $69,678,000 after buying an additional 167,986 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Permian Resources by 3.1% during the third quarter. Larson Financial Group LLC now owns 215,764 shares of the company’s stock worth $2,937,000 after purchasing an additional 6,519 shares during the period. Algert Global LLC lifted its holdings in shares of Permian Resources by 41.2% during the third quarter. Algert Global LLC now owns 864,935 shares of the company’s stock valued at $11,772,000 after purchasing an additional 252,399 shares during the last quarter. Cerity Partners LLC boosted its position in shares of Permian Resources by 13.7% in the 3rd quarter. Cerity Partners LLC now owns 482,291 shares of the company’s stock valued at $6,564,000 after purchasing an additional 58,238 shares during the period. Finally, Raymond James Trust N.A. purchased a new position in Permian Resources in the 3rd quarter worth about $216,000. 91.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, 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 transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Trading Up 1.4 %

Shares of NYSE PR opened at $16.21 on Friday. The business has a 50 day simple moving average of $14.28 and a 200 day simple moving average of $14.95. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The stock has a market cap of $13.02 billion, a price-to-earnings ratio of 9.82, a PEG ratio of 0.96 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 earnings per share. On average, research analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current fiscal 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 dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.70%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio is presently 36.36%.

Wall Street Analyst Weigh In

PR has been the subject of a number of analyst reports. Truist Financial upped their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. JPMorgan Chase & Co. cut their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Mizuho reduced their target price 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, Wells Fargo & Company lowered their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $18.93.

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.