Park Avenue Securities LLC Invests $236,000 in Permian Resources Co. (NASDAQ:PR)

Park Avenue Securities LLC purchased a new stake in shares of Permian Resources Co. (NASDAQ:PR) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 13,372 shares of the company’s stock, valued at approximately $236,000.

Other hedge funds have also recently bought and sold shares of the company. Polianta Ltd acquired a new stake in shares of Permian Resources during the 1st quarter valued at $1,207,000. Rise Advisors LLC acquired a new position in Permian Resources in the 1st quarter worth about $32,000. First Hawaiian Bank raised its stake in shares of Permian Resources by 54.5% during the 1st quarter. First Hawaiian Bank now owns 52,247 shares of the company’s stock worth $923,000 after purchasing an additional 18,433 shares in the last quarter. NBC Securities Inc. lifted its holdings in shares of Permian Resources by 3.4% during the 1st quarter. NBC Securities Inc. now owns 39,257 shares of the company’s stock valued at $693,000 after buying an additional 1,282 shares during the last quarter. Finally, Kapitalo Investimentos Ltda grew its stake in shares of Permian Resources by 8.5% in the 4th quarter. Kapitalo Investimentos Ltda now owns 22,658 shares of the company’s stock valued at $308,000 after buying an additional 1,775 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the transaction, the director now directly owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.80% of the stock is owned by company insiders.

Permian Resources Stock Down 0.3 %

Shares of PR stock opened at $16.10 on Tuesday. Permian Resources Co. has a 12 month low of $10.31 and a 12 month high of $18.28. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. The firm has a market cap of $12.40 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 0.63 and a beta of 4.37. The stock has a 50 day moving average of $16.18 and a 200-day moving average of $15.45.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. On average, equities analysts predict that Permian Resources Co. will post 1.78 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of analyst reports. Stifel Nicolaus lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Bank of America reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Piper Sandler increased their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. UBS Group upgraded Permian Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from $20.00 to $21.00 in a research note on Friday, June 14th. Finally, Susquehanna raised their price objective on Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $20.31.

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.