Permian Resources Co. (NASDAQ:PR) Shares Purchased by Ninepoint Partners LP

Ninepoint Partners LP lifted its stake in Permian Resources Co. (NASDAQ:PR) by 20.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,200,000 shares of the company’s stock after purchasing an additional 200,000 shares during the period. Permian Resources accounts for approximately 1.7% of Ninepoint Partners LP’s holdings, making the stock its 9th largest holding. Ninepoint Partners LP owned about 0.16% of Permian Resources worth $16,320,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. acquired a new position in Permian Resources during the third quarter worth approximately $1,053,000. Macquarie Group Ltd. bought a new position in shares of Permian Resources in the 3rd quarter worth about $105,000. Bank of New York Mellon Corp acquired a new stake in shares of Permian Resources in the 3rd quarter valued at about $8,153,000. Ensign Peak Advisors Inc acquired a new position in Permian Resources during the 3rd quarter valued at about $233,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in Permian Resources during the 3rd quarter valued at about $669,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Down 0.1 %

Permian Resources stock traded down $0.01 during trading on Friday, reaching $17.17. The stock had a trading volume of 2,439,520 shares, compared to its average volume of 9,440,050. Permian Resources Co. has a 52-week low of $8.94 and a 52-week high of $18.28. The business has a 50 day moving average price of $16.31 and a 200 day moving average price of $14.52. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The stock has a market cap of $13.25 billion, a PE ratio of 14.82 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, analysts predict that Permian Resources Co. will post 1.71 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.16%. Permian Resources’s dividend payout ratio (DPR) is 17.24%.

Insider Buying and Selling

In other news, Director Robert John Anderson sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the completion of the sale, the director now owns 476,306 shares of the company’s stock, valued at $7,482,767.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert John Anderson sold 1,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the sale, the director now owns 476,306 shares of the company’s stock, valued at $7,482,767.26. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,916,943 shares of company stock valued at $516,796,999. 23.14% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on PR. JPMorgan Chase & Co. boosted 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. Wells Fargo & Company upped their target price on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday. Benchmark upped their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Stifel Nicolaus upped their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, Bank of America started coverage on shares of Permian Resources in a research note on Friday, January 5th. They issued a “neutral” rating and a $15.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.00.

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.