Janney Montgomery Scott LLC Makes New Investment in Permian Resources Co. (NASDAQ:PR)
Janney Montgomery Scott LLC purchased a new position in shares of Permian Resources Co. (NASDAQ:PR – Get Rating) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 26,515 shares of the company’s stock, valued at approximately $180,000.
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Several other institutional investors also recently added to or reduced their stakes in the company. Xponance Inc. acquired a new position in Permian Resources during the third quarter worth approximately $79,000. Rothschild Investment Corp IL acquired a new position in Permian Resources during the third quarter worth approximately $106,000. Raymond James Financial Services Advisors Inc. acquired a new position in Permian Resources during the third quarter worth approximately $165,000. Triad Investment Management acquired a new position in Permian Resources during the third quarter worth approximately $165,000. Finally, Diversified Trust Co acquired a new position in shares of Permian Resources in the third quarter valued at approximately $270,000. Institutional investors and hedge funds own 88.44% of the company’s stock.
Permian Resources Price Performance
Shares of PR stock opened at $10.81 on Friday. The business’s fifty day simple moving average is $9.59. Permian Resources Co. has a 1-year low of $5.08 and a 1-year high of $11.43. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of 5.81 and a beta of 4.51. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.72 and a quick ratio of 0.72.
Permian Resources (NASDAQ:PR – Get Rating) last posted its earnings results on Tuesday, November 8th. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02). The firm had revenue of $549.78 million for the quarter, compared to analysts’ expectations of $507.25 million. Permian Resources had a return on equity of 16.19% and a net margin of 35.15%. Equities research analysts expect that Permian Resources Co. will post 1.72 earnings per share for the current fiscal year.
Permian Resources Announces Dividend
The company also recently announced a — dividend, which was paid on Tuesday, November 29th. Shareholders of record on Monday, November 21st were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, November 18th. Permian Resources’s payout ratio is 10.75%.
Insiders Place Their Bets
In other Permian Resources news, COO Matthew R. Garrison sold 40,000 shares of the business’s stock in a transaction on Friday, November 4th. The stock was sold at an average price of $11.01, for a total transaction of $440,400.00. Following the sale, the chief operating officer now directly owns 1,107,566 shares in the company, valued at $12,194,301.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 29.20% of the stock is owned by company insiders.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the company. Truist Financial boosted their target price on Permian Resources from $14.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 2nd. Mizuho assumed coverage on Permian Resources in a report on Monday, January 9th. They issued a “neutral” rating and a $13.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on Permian Resources from $12.00 to $11.00 and set an “overweight” rating on the stock in a report on Thursday, October 20th. Citigroup assumed coverage on Permian Resources in a report on Wednesday, October 26th. They issued a “buy” rating and a $12.00 target price on the stock. Finally, Piper Sandler dropped their price objective on Permian Resources from $15.00 to $14.00 in a report on Thursday, December 1st. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.00.
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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company’s properties consist of acreage blocks primarily in Reeves County, West Texas and Lea County, New Mexico.
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