Ovata Capital Management Ltd Takes $1.62 Million Position in Permian Resources Co. (NASDAQ:PR)

Ovata Capital Management Ltd bought a new position in Permian Resources Co. (NASDAQ:PR) during the second quarter, HoldingsChannel reports. The fund bought 100,000 shares of the company’s stock, valued at approximately $1,615,000. Permian Resources accounts for 0.9% of Ovata Capital Management Ltd’s investment portfolio, making the stock its 23rd biggest position.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. New York State Common Retirement Fund purchased a new position in Permian Resources during the fourth quarter valued at approximately $1,550,000. Atria Wealth Solutions Inc. purchased a new position in shares of Permian Resources during the 4th quarter valued at $159,000. Truist Financial Corp boosted its holdings in Permian Resources by 9.4% in the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after buying an additional 1,086 shares during the period. Swiss National Bank increased its stake in Permian Resources by 31.1% in the 4th quarter. Swiss National Bank now owns 724,348 shares of the company’s stock worth $9,851,000 after buying an additional 171,648 shares in the last quarter. Finally, Natixis Advisors L.P. raised its holdings in Permian Resources by 9.0% during the fourth quarter. Natixis Advisors L.P. now owns 707,915 shares of the company’s stock valued at $9,626,000 after acquiring an additional 58,637 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Permian Resources

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PR shares. Truist Financial upped their price objective on Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Wednesday, July 3rd. UBS Group reduced their price objective on shares of Permian Resources from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Susquehanna dropped their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 price target on shares of Permian Resources in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.93.

Permian Resources Stock Down 0.7 %

Shares of NASDAQ:PR opened at $13.48 on Friday. The company has a 50-day moving average price of $15.14 and a 200 day moving average price of $15.96. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The company has a market cap of $10.82 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 0.77 and a beta of 4.33.

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

Permian Resources Announces Dividend

The company also recently disclosed 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. This represents a $0.24 annualized dividend and a yield of 1.78%. The ex-dividend date was Monday, August 19th. Permian Resources’s payout ratio is 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.