SummitTX Capital L.P. grew its stake in Permian Resources Corporation (NYSE:PR – Free Report) by 63.3% in the 1st quarter, Holdings Channel reports. The firm owned 99,354 shares of the company’s stock after purchasing an additional 38,522 shares during the period. SummitTX Capital L.P.’s holdings in Permian Resources were worth $2,118,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its stake in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. Boston Partners raised its stake in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares in the last quarter. Millennium Management LLC raised its stake in Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after buying an additional 6,678,814 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Permian Resources in the first quarter worth about $121,041,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after buying an additional 4,533,732 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
PR has been the topic of a number of research analyst reports. Weiss Ratings downgraded Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, July 15th. Mizuho raised their target price on Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Morgan Stanley dropped their price target on Permian Resources from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. Zacks Research cut Permian Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Finally, Wells Fargo & Company set a $26.00 price objective on Permian Resources in a report on Monday, May 25th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Buy” and an average target price of $23.29.
Permian Resources Trading Down 2.3%
NYSE:PR opened at $19.78 on Wednesday. The firm has a market capitalization of $16.56 billion, a P/E ratio of 23.00 and a beta of 0.46. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The company’s 50-day simple moving average is $19.47 and its 200 day simple moving average is $18.90.
Permian Resources (NYSE:PR – Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the firm earned $0.44 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. As a group, analysts forecast that Permian Resources Corporation will post 1.94 EPS for the current fiscal year.
Permian Resources Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. Permian Resources’s dividend payout ratio (DPR) is presently 74.42%.
Insider Buying and Selling at Permian Resources
In other news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.00% of the stock is owned by insiders.
Permian Resources Company Profile
Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.
Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.
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