Mount Lucas Management LP Increases Stock Holdings in Permian Resources Co. (NYSE:PR)

Mount Lucas Management LP raised its stake in shares of Permian Resources Co. (NYSE:PR) by 3.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,701 shares of the company’s stock after purchasing an additional 3,821 shares during the quarter. Mount Lucas Management LP’s holdings in Permian Resources were worth $1,398,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PR. Vanguard Group Inc. raised its stake in shares of Permian Resources by 11.2% during the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after buying an additional 5,432,654 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Permian Resources by 9.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after acquiring an additional 1,471,833 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the period. Renaissance Technologies LLC raised its position in shares of Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after buying an additional 1,555,884 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in Permian Resources by 480.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock valued at $106,924,000 after purchasing an additional 5,012,287 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PR has been the topic of several recent analyst reports. Mizuho decreased their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Piper Sandler decreased their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Susquehanna lowered their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Benchmark lowered their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, UBS Group dropped their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.87.

Permian Resources Price Performance

Shares of NYSE:PR opened at $14.80 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The company has a market cap of $11.88 billion, a P/E ratio of 8.97, a PEG ratio of 0.89 and a beta of 4.34. The company has a 50-day moving average price of $14.03 and a 200 day moving average price of $15.00.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 earnings per share. Research analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.05%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

Insider Transactions at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. This represents a 7.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources 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.