Balboa Wealth Partners Purchases Shares of 26,451 Permian Resources Co. (NASDAQ:PR)

Balboa Wealth Partners purchased a new stake in Permian Resources Co. (NASDAQ:PR) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 26,451 shares of the company’s stock, valued at approximately $360,000.

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

Insider Activity

In related news, CAO Brent P. Jensen sold 50,000 shares of Permian Resources stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $15.18, for a total value of $759,000.00. Following the completion of the sale, the chief accounting officer now directly owns 882,325 shares in the company, valued at $13,393,693.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the transaction, the director now owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Brent P. Jensen sold 50,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $15.18, for a total value of $759,000.00. Following the transaction, the chief accounting officer now owns 882,325 shares in the company, valued at approximately $13,393,693.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,691,849 shares of company stock worth $513,608,598. 12.80% of the stock is owned by corporate insiders.

Permian Resources Stock Performance

PR stock traded up $0.04 during midday trading on Thursday, hitting $15.74. The stock had a trading volume of 2,429,043 shares, compared to its average volume of 9,554,530. The firm has a market capitalization of $12.12 billion, a price-to-earnings ratio of 11.56 and a beta of 4.32. Permian Resources Co. has a 52 week low of $9.11 and a 52 week high of $18.28. The stock has a 50-day simple moving average of $17.15 and a 200 day simple moving average of $14.94. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42.

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, beating analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. As a group, equities research analysts anticipate that Permian Resources Co. will post 1.81 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st will be paid a $0.06 dividend. The ex-dividend date of this dividend is Monday, May 20th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.52%. Permian Resources’s dividend payout ratio (DPR) is 21.82%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PR shares. Piper Sandler upped their target price on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Truist Financial upped their target price on Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Mizuho upped their target price on Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Finally, Citigroup upped their target price on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus 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.