Yaupon Capital Management LP Acquires 2,595,137 Shares of Permian Resources Co. (NYSE:PR)

Yaupon Capital Management LP raised its holdings in shares of Permian Resources Co. (NYSE:PR) by 225.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,748,416 shares of the company’s stock after buying an additional 2,595,137 shares during the quarter. Permian Resources comprises 2.8% of Yaupon Capital Management LP’s investment portfolio, making the stock its 2nd largest holding. Yaupon Capital Management LP owned approximately 0.47% of Permian Resources worth $51,016,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. National Bank of Canada FI acquired a new stake in shares of Permian Resources during the 3rd quarter worth approximately $45,000. Wellington Management Group LLP lifted its position in Permian Resources by 188.0% in the third quarter. Wellington Management Group LLP now owns 42,404 shares of the company’s stock worth $577,000 after purchasing an additional 27,679 shares during the period. Worldquant Millennium Advisors LLC acquired a new stake in Permian Resources during the third quarter worth $2,589,000. State Street Corp increased its holdings in Permian Resources by 6.1% in the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after buying an additional 1,263,460 shares during the period. Finally, Quantinno Capital Management LP acquired a new position in shares of Permian Resources in the 3rd quarter valued at $211,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Trading Down 3.9 %

PR opened at $14.68 on Friday. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The firm has a 50-day moving average price of $14.60 and a two-hundred day moving average price of $14.87. The stock has a market capitalization of $11.79 billion, a PE ratio of 8.90, a PEG ratio of 0.91 and a beta of 4.35. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during 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%. Permian Resources’s 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, equities analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a $0.15 dividend. This is a boost 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 annualized dividend and a yield of 4.09%. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of analyst reports. Mizuho lowered their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Benchmark lowered their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Wells Fargo & Company cut their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. The Goldman Sachs Group began coverage on Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Finally, JPMorgan Chase & Co. cut their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Two equities 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. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $18.93.

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.