Headlands Technologies LLC Raises Stock Position in Permian Resources Co. (NASDAQ:PR)

Headlands Technologies LLC increased its stake in Permian Resources Co. (NASDAQ:PR) by 584.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,583 shares of the company’s stock after purchasing an additional 7,329 shares during the period. Headlands Technologies LLC’s holdings in Permian Resources were worth $117,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in PR. Jennison Associates LLC bought a new position in shares of Permian Resources during the third quarter valued at approximately $76,629,000. Vanguard Group Inc. raised its position in Permian Resources by 17.1% in the 3rd quarter. Vanguard Group Inc. now owns 28,467,963 shares of the company’s stock worth $397,413,000 after buying an additional 4,148,519 shares during the last quarter. Westfield Capital Management Co. LP bought a new position in Permian Resources during the third quarter valued at approximately $54,744,000. KGH Ltd bought a new position in shares of Permian Resources during the 3rd quarter valued at $21,638,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Permian Resources by 68.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,506,547 shares of the company’s stock valued at $48,951,000 after purchasing an additional 1,425,212 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock worth $516,796,999 in the last 90 days. Insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $17.54 on Tuesday. The firm has a market cap of $13.54 billion, a PE ratio of 15.12 and a beta of 4.35. The business has a 50-day moving average price of $16.75 and a 200 day moving average price of $14.73. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources Co. has a twelve month low of $8.94 and a twelve month high of $18.28.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Sell-side analysts predict that Permian Resources Co. will post 1.66 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.14%. Permian Resources’s dividend payout ratio is currently 17.24%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Susquehanna raised their price objective on Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Citigroup increased their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, March 1st. Mizuho boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Finally, Raymond James initiated coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price target for the company. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

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.