Quarry LP Buys 3,991 Shares of Permian Resources Co. (NYSE:PR)

Quarry LP boosted its holdings in Permian Resources Co. (NYSE:PR) by 545.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,723 shares of the company’s stock after purchasing an additional 3,991 shares during the quarter. Quarry LP’s holdings in Permian Resources were worth $64,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PR. Hexagon Capital Partners LLC lifted its holdings in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Permian Resources during the 2nd quarter valued at approximately $30,000. UMB Bank n.a. boosted its holdings in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares during the period. Gilliland Jeter Wealth Management LLC bought a new position in Permian Resources in the 2nd quarter worth approximately $40,000. Finally, Blue Trust Inc. grew its stake in Permian Resources by 399.5% in the 3rd 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 in the last quarter. 91.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. The Goldman Sachs Group initiated coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Wells Fargo & Company reduced their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. UBS Group lowered their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, Benchmark reduced their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Price Performance

Shares of PR opened at $14.79 on Tuesday. The firm has a fifty day simple moving average of $14.62 and a two-hundred day simple moving average of $14.85. The firm has a market cap of $11.88 billion, a PE ratio of 8.96, a P/E/G ratio of 0.88 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 Co. has a 1-year low of $12.47 and a 1-year high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS 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 analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 earnings per share. On average, equities analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently disclosed 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 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 dividend yield of 4.06%. Permian Resources’s dividend payout ratio (DPR) is presently 36.36%.

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.