HITE Hedge Asset Management LLC Grows Holdings in Permian Resources Co. (NYSE:PR)

HITE Hedge Asset Management LLC lifted its stake in Permian Resources Co. (NYSE:PR) by 187.9% in the third quarter, HoldingsChannel reports. The fund owned 98,716 shares of the company’s stock after purchasing an additional 64,433 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Permian Resources were worth $1,344,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in PR. Hexagon Capital Partners LLC grew its holdings in Permian Resources by 28,542.9% during 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 during the last quarter. Innealta Capital LLC bought a new stake in Permian Resources in the 2nd quarter valued at about $30,000. UMB Bank n.a. grew its holdings in shares of Permian Resources by 99.2% during 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. Gilliland Jeter Wealth Management LLC bought a new stake in Permian Resources in the second quarter valued at approximately $40,000. Finally, Blue Trust Inc. raised its holdings in Permian Resources by 399.5% in the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after purchasing an additional 2,629 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PR shares. Benchmark dropped their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Truist Financial upped their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. The Goldman Sachs Group initiated coverage on Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price on the stock. Wells Fargo & Company cut their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.

Permian Resources Stock Down 2.4 %

NYSE PR opened at $15.28 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average is $14.45 and its two-hundred day moving average is $14.89. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The company has a market capitalization of $12.28 billion, a price-to-earnings ratio of 9.26, a PEG ratio of 0.94 and a beta of 4.35.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate 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 period in the previous year, the business earned $0.36 earnings per share. Equities analysts forecast that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

About Permian Resources

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.