Van ECK Associates Corp Boosts Stake in Permian Resources Co. (NASDAQ:PR)

Van ECK Associates Corp increased its holdings in Permian Resources Co. (NASDAQ:PR) by 89.8% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,454,734 shares of the company’s stock after buying an additional 688,434 shares during the quarter. Van ECK Associates Corp’s holdings in Permian Resources were worth $19,784,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Permian Resources in the 4th quarter worth $33,000. GAMMA Investing LLC bought a new stake in shares of Permian Resources during the 4th quarter valued at about $43,000. Clearstead Advisors LLC purchased a new stake in shares of Permian Resources during the 3rd quarter valued at about $45,000. Optimum Investment Advisors bought a new position in shares of Permian Resources in the 4th quarter worth approximately $50,000. Finally, Fifth Third Bancorp boosted its holdings in shares of Permian Resources by 1,290.7% in the fourth quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after buying an additional 3,872 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Down 1.9 %

PR stock opened at $16.43 on Thursday. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a fifty day moving average price of $16.80 and a 200 day moving average price of $14.74. The firm has a market cap of $12.68 billion, a PE ratio of 12.69 and a beta of 4.32.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Sell-side analysts anticipate that Permian Resources Co. will post 1.66 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.22%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

Analysts Set New Price Targets

Several research analysts have weighed in on PR shares. Citigroup increased their price target on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Susquehanna raised their price objective on Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Bank of America started coverage on Permian Resources in a research note on Friday, January 5th. They set a “neutral” rating and a $15.00 price objective for the company. Finally, Raymond James initiated coverage on shares of Permian Resources in a report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price target on the stock. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

Insider Buying and Selling

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Robert John Anderson sold 1,000,000 shares of the company’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 value 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 approximately $7,482,767.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources 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 $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,916,943 shares of company stock valued at $516,796,999. Company 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.