Saxon Interests Inc. Takes $230,000 Position in Permian Resources Co. (NASDAQ:PR)

Saxon Interests Inc. bought a new position in Permian Resources Co. (NASDAQ:PR) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 13,015 shares of the company’s stock, valued at approximately $230,000.

A number of other large investors have also bought and sold shares of the company. Parallel Advisors LLC grew its position in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. Rise Advisors LLC purchased a new position in shares of Permian Resources in the first quarter valued at $32,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Permian Resources in the fourth quarter valued at $33,000. GAMMA Investing LLC purchased a new position in shares of Permian Resources in the fourth quarter valued at $43,000. Finally, Tradition Wealth Management LLC purchased a new position in shares of Permian Resources in the fourth quarter valued at $48,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on PR. Raymond James assumed coverage on Permian Resources in a research note on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price target for the company. Susquehanna boosted their price target on Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. Mizuho boosted their price target on Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Finally, BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Wednesday. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $20.36.

Permian Resources Stock Up 1.4 %

Shares of NASDAQ PR opened at $16.32 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. The company has a market cap of $12.57 billion, a P/E ratio of 14.84, a PEG ratio of 0.63 and a beta of 4.37. Permian Resources Co. has a 1 year low of $10.31 and a 1 year high of $18.28. The firm has a 50-day simple moving average of $16.16 and a two-hundred day simple moving average of $15.47.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.06. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. Research analysts anticipate that Permian Resources Co. will post 1.78 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Monday, May 20th. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s payout ratio is currently 21.82%.

Insider Activity

In related news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the transaction, the director now directly owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 12.80% of the company’s stock.

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.