Permian Resources Co. (NASDAQ:PR) Shares Purchased by SIR Capital Management L.P.

SIR Capital Management L.P. boosted its holdings in Permian Resources Co. (NASDAQ:PR) by 73.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,598,170 shares of the company’s stock after buying an additional 1,101,300 shares during the quarter. Permian Resources makes up about 4.2% of SIR Capital Management L.P.’s holdings, making the stock its 3rd largest position. SIR Capital Management L.P. owned 0.34% of Permian Resources worth $41,960,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted 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 buying an additional 5,432,654 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 96.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after purchasing an additional 6,464,093 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Permian Resources by 16.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock valued at $145,546,000 after purchasing an additional 1,544,525 shares during the last quarter. Finally, OnyxPoint Global Management LP acquired a new stake in shares of Permian Resources in the 4th quarter valued at about $114,159,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on PR shares. Citigroup lowered their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Susquehanna decreased their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Wolfe Research assumed coverage on shares of Permian Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Truist Financial increased their price target on shares of Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Finally, Bank of America reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Permian Resources in a report on Friday, June 14th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.93.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources 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 $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Permian Resources Trading Down 0.8 %

Shares of PR opened at $13.14 on Tuesday. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The company has a market capitalization of $10.55 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 0.72 and a beta of 4.33. The stock has a fifty day moving average of $15.02 and a two-hundred day moving average of $15.96. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.27 EPS. As a group, analysts forecast that Permian Resources Co. will post 1.63 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 annualized dividend and a yield of 1.83%. Permian Resources’s dividend payout ratio is presently 21.82%.

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.