Beck Capital Management LLC Raises Stock Position in Permian Resources Co. (NASDAQ:PR)

Beck Capital Management LLC lifted its position in Permian Resources Co. (NASDAQ:PR) by 31.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 175,823 shares of the company’s stock after purchasing an additional 42,055 shares during the quarter. Beck Capital Management LLC’s holdings in Permian Resources were worth $2,840,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares during the last quarter. OnyxPoint Global Management LP purchased a new position in shares of Permian Resources in the 4th quarter worth about $114,159,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Permian Resources by 480.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after purchasing an additional 5,012,287 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Permian Resources during the 4th quarter valued at about $45,847,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

PR has been the subject of several research reports. Wolfe Research started coverage on Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial upped their price objective on shares of Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. UBS Group decreased their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. cut their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Piper Sandler reduced their price objective on Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Insiders Place Their Bets

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

Permian Resources Price Performance

Shares of PR stock opened at $13.90 on Monday. 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 cap of $10.70 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.77 and a beta of 4.33. The business’s 50 day moving average price is $14.51 and its 200-day moving average price is $15.84. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 99.9% compared to the same quarter last year. On average, equities research analysts anticipate that Permian Resources Co. will post 1.57 earnings per share for the current year.

Permian Resources Dividend Announcement

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

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.