Simmons Bank Increases Stock Position in Permian Resources Co. (NASDAQ:PR)

Simmons Bank lifted its position in shares of Permian Resources Co. (NASDAQ:PR) by 17.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,050 shares of the company’s stock after buying an additional 5,850 shares during the period. Simmons Bank’s holdings in Permian Resources were worth $531,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PR. DekaBank Deutsche Girozentrale purchased a new stake in shares of Permian Resources during the 4th quarter valued at about $33,000. GAMMA Investing LLC acquired a new position in shares of Permian Resources during the fourth quarter worth $43,000. Clearstead Advisors LLC purchased a new position in shares of Permian Resources in the third quarter valued at $45,000. Optimum Investment Advisors acquired a new stake in Permian Resources during the 4th quarter valued at $50,000. Finally, Fifth Third Bancorp lifted its holdings in Permian Resources by 1,290.7% in the 4th quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after buying an additional 3,872 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

NASDAQ PR traded down $0.32 during trading hours on Wednesday, hitting $17.23. The company had a trading volume of 10,491,026 shares, compared to its average volume of 9,075,622. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The firm has a market cap of $13.30 billion, a P/E ratio of 15.14 and a beta of 4.32. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The business has a fifty day simple moving average of $16.99 and a 200-day simple moving average of $14.80.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Equities analysts predict that Permian Resources Co. will post 1.66 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st will be given a $0.06 dividend. The ex-dividend date of this dividend is Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.39%. Permian Resources’s payout ratio is 17.24%.

Insider Activity

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,916,943 shares of company stock worth $516,796,999. Corporate insiders own 12.80% of the company’s stock.

Wall Street Analyst Weigh In

PR has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Susquehanna increased their target price on Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. Truist Financial raised their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Mizuho upped their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $19.38.

Permian Resources Company 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.