Permian Resources Co. (NASDAQ:PR) Shares Purchased by RiverPark Advisors LLC

RiverPark Advisors LLC raised its position in Permian Resources Co. (NASDAQ:PR) by 361.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,132 shares of the company’s stock after acquiring an additional 4,019 shares during the period. RiverPark Advisors LLC’s holdings in Permian Resources were worth $91,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PR. Principal Financial Group Inc. increased its holdings in shares of Permian Resources by 47.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock valued at $23,466,000 after purchasing an additional 554,694 shares in the last quarter. Mount Lucas Management LP purchased a new position in shares of Permian Resources in the 4th quarter valued at about $746,000. Tower Research Capital LLC TRC increased its holdings in shares of Permian Resources by 317.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock valued at $338,000 after purchasing an additional 18,398 shares in the last quarter. DRW Securities LLC purchased a new position in shares of Permian Resources in the 4th quarter valued at about $1,904,000. Finally, Franklin Resources Inc. increased its holdings in shares of Permian Resources by 74.2% in the 4th quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock valued at $4,783,000 after purchasing an additional 149,851 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Piper Sandler raised their target price on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Wells Fargo & Company raised their target price on shares of Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. JPMorgan Chase & Co. raised their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Finally, Mizuho raised their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. One research analyst has 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, the company has a consensus rating of “Buy” and a consensus price target of $20.36.

Insider Buying and Selling at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the sale, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Trading Down 1.2 %

Shares of PR traded down $0.19 during mid-day trading on Tuesday, hitting $16.01. The company had a trading volume of 6,287,187 shares, compared to its average volume of 10,113,573. The business’s 50-day simple moving average is $16.07 and its 200-day simple moving average is $15.58. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. Permian Resources Co. has a 1-year low of $10.59 and a 1-year high of $18.28. The stock has a market cap of $12.33 billion, a PE ratio of 14.55, a P/E/G ratio of 0.63 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. Sell-side analysts forecast that Permian Resources Co. will post 1.78 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.50%. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, May 20th. Permian Resources’s payout ratio is 21.82%.

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.