3,174 Shares in Permian Resources Co. (NASDAQ:PR) Bought by GAMMA Investing LLC

GAMMA Investing LLC bought a new position in shares of Permian Resources Co. (NASDAQ:PR) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,174 shares of the company’s stock, valued at approximately $43,000.

Several other institutional investors have also bought and sold shares of the business. Jennison Associates LLC purchased a new position in Permian Resources in the 3rd quarter worth about $76,629,000. Vanguard Group Inc. increased its position in Permian Resources by 17.1% during the 3rd quarter. Vanguard Group Inc. now owns 28,467,963 shares of the company’s stock valued at $397,413,000 after purchasing an additional 4,148,519 shares during the period. Westfield Capital Management Co. LP purchased a new position in Permian Resources during the 3rd quarter valued at about $54,744,000. KGH Ltd purchased a new position in Permian Resources during the 3rd quarter valued at about $21,638,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Permian Resources by 68.5% in 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 buying an additional 1,425,212 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Citigroup raised their price target 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. Susquehanna raised their price target on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. Truist Financial raised their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

Insider Buying and Selling

In other news, Director William J. Quinn sold 18,076,849 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,916,943 shares of company stock worth $516,796,999. Insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

Shares of PR stock opened at $16.93 on Friday. The company has a market capitalization of $13.07 billion, a P/E ratio of 12.67 and a beta of 4.32. Permian Resources Co. has a 12-month low of $8.94 and a 12-month high of $18.28. The business’s 50 day moving average is $16.86 and its two-hundred day moving average is $14.76. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Analysts expect that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.18%. Permian Resources’s payout ratio is 17.24%.

Permian Resources Company 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.