Larson Financial Group LLC Has $2.94 Million Stock Position in Permian Resources Co. (NYSE:PR)

Larson Financial Group LLC grew its stake in shares of Permian Resources Co. (NYSE:PR) by 3.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 215,764 shares of the company’s stock after acquiring an additional 6,519 shares during the period. Larson Financial Group LLC’s holdings in Permian Resources were worth $2,937,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Hexagon Capital Partners LLC boosted its holdings in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares during the period. Innealta Capital LLC acquired a new position in shares of Permian Resources during the second quarter valued at about $30,000. Transcendent Capital Group LLC bought a new position in shares of Permian Resources during the 1st quarter worth about $36,000. UMB Bank n.a. raised its position in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares during the last quarter. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in Permian Resources during the 2nd quarter worth $40,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

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

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion for 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% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 earnings per share. Research analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a dividend of $0.15 per share. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.70%. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents 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 dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $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. 12.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Mizuho dropped their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Benchmark reduced their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Truist Financial lifted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price 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.