Permian Resources Co. (NASDAQ:PR) Shares Bought by 1832 Asset Management L.P.

1832 Asset Management L.P. raised its stake in shares of Permian Resources Co. (NASDAQ:PR) by 47.2% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,322,381 shares of the company’s stock after buying an additional 423,824 shares during the period. 1832 Asset Management L.P.’s holdings in Permian Resources were worth $23,353,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Permian Resources in the 4th quarter valued at about $353,683,000. Vanguard Group Inc. raised its holdings in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after acquiring an additional 19,847,358 shares during the last quarter. OnyxPoint Global Management LP purchased a new position in Permian Resources in the 4th quarter worth approximately $114,159,000. Massachusetts Financial Services Co. MA boosted its stake in Permian Resources by 96.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after buying an additional 6,464,093 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Permian Resources in the 4th quarter valued at $45,847,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 0.5 %

Shares of PR traded down $0.08 during mid-day trading on Friday, hitting $15.31. 8,878,541 shares of the company’s stock were exchanged, compared to its average volume of 11,690,083. Permian Resources Co. has a fifty-two week low of $10.93 and a fifty-two week high of $18.28. The company has a market cap of $11.79 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of 0.60 and a beta of 4.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55. The stock’s 50-day moving average is $15.87 and its 200-day moving average is $15.79.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. On average, sell-side analysts anticipate that Permian Resources Co. will post 1.7 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were given a $0.06 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.24 dividend on an annualized basis and a yield of 1.57%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

Insider Buying and Selling at Permian Resources

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Bank of America reissued a “buy” rating and set a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. Wells Fargo & Company boosted their price target on shares of Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Wednesday, July 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a research report on Thursday, July 11th. Finally, Susquehanna boosted their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $20.43.

About Permian Resources

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.