Interval Partners LP Makes New $5.17 Million Investment in Permian Resources Co. (NASDAQ:PR)

Interval Partners LP acquired a new position in shares of Permian Resources Co. (NASDAQ:PR) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 320,393 shares of the company’s stock, valued at approximately $5,174,000.

A number of other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after purchasing an additional 5,432,654 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Permian Resources by 9.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after purchasing an additional 1,471,833 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Permian Resources by 59.6% in 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 acquiring an additional 4,497,184 shares during the last quarter. Renaissance Technologies LLC grew its stake in Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after acquiring an additional 1,555,884 shares during the last quarter. Finally, OnyxPoint Global Management LP acquired a new stake in Permian Resources in the 4th quarter valued at about $114,159,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Bank of America reissued a “buy” rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Truist Financial raised their price target on shares of Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Piper Sandler decreased their price target on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Mizuho decreased their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, UBS Group decreased their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Permian Resources Trading Up 2.1 %

NASDAQ 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’s 50 day moving average price is $14.46 and its 200 day moving average price is $15.83. 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 $10.93 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 0.77 and a beta of 4.33.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm 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. Permian Resources’s revenue for the quarter was up 99.9% compared to the same quarter last year. On average, sell-side analysts predict that Permian Resources Co. will post 1.57 EPS for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid 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 dividend yield of 1.69%. Permian Resources’s dividend payout ratio is currently 21.82%.

Insider Activity

In other news, CAO Robert Regan Shannon sold 4,822 shares of the firm’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 transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Robert Regan Shannon sold 4,822 shares of the firm’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 transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Charles Bell sold 4,821 shares of the firm’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 $67,156.53. Following the sale, the executive vice president now directly 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. 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.