SCP Investment LP Increases Stock Position in Permian Resources Co. (NYSE:PR)

SCP Investment LP grew its position in shares of Permian Resources Co. (NYSE:PR) by 315.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,800 shares of the company’s stock after purchasing an additional 90,200 shares during the period. Permian Resources makes up approximately 1.3% of SCP Investment LP’s investment portfolio, making the stock its 13th biggest position. SCP Investment LP’s holdings in Permian Resources were worth $1,708,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PR. Principal Securities Inc. increased its stake in Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in Permian Resources in the fourth quarter worth $31,000. Global Retirement Partners LLC raised its stake in Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after purchasing an additional 1,232 shares in the last quarter. Rakuten Securities Inc. lifted its position in Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after purchasing an additional 2,305 shares during the last quarter. Finally, Lindbrook Capital LLC grew its stake in shares of Permian Resources by 294.8% in the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after buying an additional 2,155 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at approximately $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,446 shares of company stock valued at $269,731. Company insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of PR stock opened at $13.73 on Friday. Permian Resources Co. has a twelve month low of $11.84 and a twelve month high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a fifty day simple moving average of $14.14 and a two-hundred day simple moving average of $14.36. The stock has a market capitalization of $11.03 billion, a price-to-earnings ratio of 8.32, a P/E/G ratio of 4.05 and a beta of 4.30.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Piper Sandler cut their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. JPMorgan Chase & Co. lowered their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Finally, Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has assigned 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 currently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

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.