Permian Resources Co. (NYSE:PR) Shares Purchased by SCP Investment LP

SCP Investment LP raised its position in Permian Resources Co. (NYSE:PR) by 6.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,600 shares of the company’s stock after purchasing an additional 1,800 shares during the quarter. SCP Investment LP’s holdings in Permian Resources were worth $389,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PR. Innealta Capital LLC purchased a new stake in shares of Permian Resources in the 2nd quarter valued at approximately $30,000. Hexagon Capital Partners LLC grew its position in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after acquiring an additional 1,998 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Permian Resources in the first quarter valued at approximately $36,000. Gilliland Jeter Wealth Management LLC purchased a new stake in Permian Resources during the 2nd quarter worth approximately $40,000. Finally, UMB Bank n.a. lifted its holdings in Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on PR shares. Susquehanna dropped their price target 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. Citigroup reduced their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Finally, UBS Group reduced their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Stock Down 0.2 %

PR opened at $15.13 on Wednesday. The business has a 50 day moving average price of $14.12 and a two-hundred day moving average price of $14.97. 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 $12.15 billion, a PE ratio of 9.17, a P/E/G ratio of 0.89 and a beta of 4.34. 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 (NYSE:PR) last issued its quarterly 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 firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period last year, the company earned $0.36 earnings per share. As a group, research analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be issued a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 3.97%. The ex-dividend date is Thursday, November 14th. Permian Resources’s dividend payout ratio is currently 36.36%.

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.