Phocas Financial Corp. Sells 35,486 Shares of Permian Resources Co. (NYSE:PR)

19 Nov 2024, 13:54 by Kim Johansen · The Markets Daily

Phocas Financial Corp. trimmed its holdings in shares of Permian Resources Co. (NYSE:PR – Free Report) by 6.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 488,656 shares of the company’s stock after selling 35,486 shares during the quarter. Phocas Financial Corp. owned 0.06% of Permian Resources worth $6,651,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Simplicity Wealth LLC grew its position in shares of Permian Resources by 5.2% during the 2nd quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after acquiring an additional 646 shares during the period. GAMMA Investing LLC increased its position in Permian Resources by 19.6% in the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after buying an additional 716 shares during the last quarter. Mount Yale Investment Advisors LLC increased its position in Permian Resources by 3.1% in the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after buying an additional 781 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of Permian Resources by 0.5% in the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock valued at $3,379,000 after buying an additional 949 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in shares of Permian Resources by 17.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock valued at $110,000 after buying an additional 1,032 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Insider Transactions at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value 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 approximately $1,075,911.41. This represents a 5.88 % decrease in their position. The sale 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 stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Permian Resources Stock Up 2.4 %

PR stock opened at $15.15 on Tuesday. The company’s 50 day moving average is $14.07 and its 200 day moving average is $14.98. The stock has a market cap of $12.17 billion, a price-to-earnings ratio of 9.18, a price-to-earnings-growth ratio of 0.89 and a beta of 4.34. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28.

Permian Resources (NYSE:PR – Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The business’s revenue for the quarter was up 60.3% compared to the same quarter last year. Sell-side analysts predict that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.96%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 36.36%.

Wall Street Analysts Forecast Growth

PR has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Piper Sandler boosted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Susquehanna reduced their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, UBS Group dropped their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. 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 stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.

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