Verdence Capital Advisors LLC Buys 22,903 Shares of Permian Resources Corporation $PR

Verdence Capital Advisors LLC increased its position in Permian Resources Corporation (NYSE:PR) by 7.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 328,009 shares of the company’s stock after purchasing an additional 22,903 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Permian Resources were worth $4,467,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allworth Financial LP lifted its holdings in shares of Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after buying an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC bought a new position in Permian Resources during the 1st quarter worth about $30,000. Keystone Global Partners LLC purchased a new position in Permian Resources during the 1st quarter valued at about $36,000. Brooklyn Investment Group raised its holdings in shares of Permian Resources by 433.9% in the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock valued at $43,000 after purchasing an additional 2,534 shares in the last quarter. Finally, Tsfg LLC purchased a new stake in shares of Permian Resources in the 1st quarter worth approximately $46,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $12.22 on Monday. The company has a 50 day moving average price of $13.48 and a 200 day moving average price of $13.24. The firm has a market capitalization of $9.78 billion, a P/E ratio of 7.93 and a beta of 1.32. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the firm earned $0.39 EPS. Permian Resources’s revenue was down 3.9% compared to the same quarter last year. Sell-side analysts expect that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

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

Insiders Place Their Bets

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the sale, the executive vice president owned 91,805 shares of the company’s stock, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value 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. The trade was a 4.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the topic of several research reports. Wells Fargo & Company lifted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, August 13th. William Blair began coverage on Permian Resources in a research report on Monday, August 25th. They set an “outperform” rating on the stock. Susquehanna lifted their target price on Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a research note on Wednesday, July 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Permian Resources in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada boosted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Permian Resources has an average rating of “Buy” and an average price target of $18.69.

Permian Resources 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.