Caitong International Asset Management Co. Ltd Takes $98,000 Position in Permian Resources Corporation $PR

Caitong International Asset Management Co. Ltd acquired a new stake in Permian Resources Corporation (NYSE:PR) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 7,191 shares of the company’s stock, valued at approximately $98,000.

Other hedge funds have also modified their holdings of the company. Allworth Financial LP raised its stake in Permian Resources by 376.7% in the first quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock valued at $29,000 after buying an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in Permian Resources in the first quarter valued at $30,000. Keystone Global Partners LLC acquired a new stake in Permian Resources in the first quarter valued at $36,000. FNY Investment Advisers LLC acquired a new stake in Permian Resources in the second quarter valued at $36,000. Finally, Brooklyn Investment Group raised its stake in Permian Resources by 433.9% in the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock valued at $43,000 after buying an additional 2,534 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Performance

Shares of PR stock opened at $12.49 on Friday. The stock’s 50-day moving average is $13.27 and its two-hundred day moving average is $13.23. The firm has a market cap of $10.00 billion, a price-to-earnings ratio of 8.11 and a beta of 1.32. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.27. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.39 earnings per share. Analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.8%. Permian Resources’s dividend payout ratio (DPR) is currently 38.96%.

Insider Transactions at Permian Resources

In related news, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP John Charles Bell sold 4,743 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president directly owned 107,569 shares in the company, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.44% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PR. Royal Bank Of Canada raised their price target on Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, October 9th. Piper Sandler raised their price target on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Tuesday. Wall Street Zen cut Permian Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Mizuho cut their price target on Permian Resources from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Finally, TD Cowen raised Permian Resources to a “strong-buy” rating in a report on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Permian Resources presently has a consensus rating of “Buy” and an average price target of $18.73.

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.