1832 Asset Management L.P. Acquires 200,577 Shares of Permian Resources Co. (NASDAQ:PR)

1832 Asset Management L.P. lifted its holdings in Permian Resources Co. (NASDAQ:PR) by 15.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,522,958 shares of the company’s stock after acquiring an additional 200,577 shares during the period. 1832 Asset Management L.P. owned 0.20% of Permian Resources worth $24,596,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PR. YHB Investment Advisors Inc. purchased a new position in Permian Resources during the first quarter valued at $26,000. Parallel Advisors LLC grew its position in shares of Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Permian Resources in the second quarter worth about $30,000. Rise Advisors LLC purchased a new stake in shares of Permian Resources in the first quarter worth about $32,000. Finally, Transcendent Capital Group LLC purchased a new stake in shares of Permian Resources in the first quarter worth about $36,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on PR shares. Bank of America reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Wolfe Research initiated coverage on shares of Permian Resources in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Citigroup dropped 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 note on Friday, August 9th. BMO Capital Markets upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Wednesday, July 3rd. Finally, Piper Sandler dropped their price target on Permian Resources from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.50.

Insider Buying and Selling at Permian Resources

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

Permian Resources Trading Up 2.1 %

PR opened at $14.19 on Tuesday. Permian Resources Co. has a one year low of $12.34 and a one year 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 stock has a market cap of $10.93 billion, a price-to-earnings ratio of 12.90, a P/E/G ratio of 0.77 and a beta of 4.33. The stock’s 50 day moving average price is $14.46 and its 200-day moving average price is $15.83.

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

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.69%. Permian Resources’s payout ratio is 21.82%.

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.