Perpetual Ltd Acquires New Holdings in Permian Resources Co. (NYSE:PR)

Perpetual Ltd bought a new position in shares of Permian Resources Co. (NYSE: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 1,884,811 shares of the company’s stock, valued at approximately $27,104,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hexagon Capital Partners LLC raised its position in shares of Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in Permian Resources in the fourth quarter valued at about $31,000. UMB Bank n.a. raised its holdings in Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after purchasing an additional 1,390 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after purchasing an additional 800 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Permian Resources by 399.5% during the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after buying an additional 2,629 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $16.01 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 12 month low of $12.59 and a 12 month high of $18.28. The stock has a market capitalization of $12.86 billion, a P/E ratio of 9.70, a PEG ratio of 4.71 and a beta of 4.32. The business has a 50 day simple moving average of $14.94 and a two-hundred day simple moving average of $14.62.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 EPS. As a group, analysts predict that Permian Resources Co. will post 1.44 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a $0.15 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.75%. Permian Resources’s dividend payout ratio is presently 36.36%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Truist Financial raised their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 target price on the stock. Benchmark lowered their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group assumed coverage on Permian Resources in a research note on Monday, September 30th. They set a “buy” rating and a $19.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.06.

Insiders Place Their Bets

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 12.80% of the company’s stock.

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.