Seven Eight Capital LP Acquires New Stake in Permian Resources Co. (NASDAQ:PR)

Seven Eight Capital LP bought a new position in Permian Resources Co. (NASDAQ:PR) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 109,118 shares of the company’s stock, valued at approximately $1,762,000.

Other hedge funds have also recently made changes to their positions in the company. Waterloo Capital L.P. increased its holdings in Permian Resources by 32.2% in the 2nd quarter. Waterloo Capital L.P. now owns 23,884 shares of the company’s stock worth $386,000 after acquiring an additional 5,818 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of Permian Resources by 17.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 38,574 shares of the company’s stock worth $623,000 after purchasing an additional 5,680 shares in the last quarter. Amalgamated Bank raised its position in shares of Permian Resources by 43.0% in the second quarter. Amalgamated Bank now owns 348,567 shares of the company’s stock valued at $5,629,000 after purchasing an additional 104,733 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Permian Resources by 9.7% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,939 shares of the company’s stock valued at $209,000 after buying an additional 1,147 shares in the last quarter. Finally, Mutual of America Capital Management LLC boosted its holdings in Permian Resources by 7.4% in the 2nd quarter. Mutual of America Capital Management LLC now owns 643,521 shares of the company’s stock worth $10,393,000 after buying an additional 44,482 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the 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 owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Permian Resources Stock Down 0.1 %

Shares of NASDAQ:PR opened at $13.86 on Thursday. The firm has a fifty day moving average of $14.66 and a 200 day moving average of $15.87. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The firm has a market capitalization of $10.67 billion, a PE ratio of 12.60, a price-to-earnings-growth ratio of 0.71 and a beta of 4.33.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The company’s revenue for the quarter was up 99.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.27 EPS. As a group, research analysts anticipate that Permian Resources Co. will post 1.63 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Mizuho lowered their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday. Susquehanna cut their target price on 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 reiterated an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a research report on Monday, August 12th. Truist Financial raised their price objective on shares of Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Wolfe Research started coverage on shares of Permian Resources in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

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.