Caxton Associates LP Makes New Investment in Permian Resources Co. (NASDAQ:PR)

Caxton Associates LP acquired a new stake in shares of Permian Resources Co. (NASDAQ:PR) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 172,132 shares of the company’s stock, valued at approximately $2,780,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PR. Merewether Investment Management LP grew its holdings in Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after buying an additional 3,522,300 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in Permian Resources by 16,359.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after acquiring an additional 3,451,923 shares during the last quarter. Distillate Capital Partners LLC bought a new stake in shares of Permian Resources in the 2nd quarter worth $15,413,000. Point72 DIFC Ltd purchased a new stake in shares of Permian Resources in the second quarter valued at about $1,510,000. Finally, Marshall Wace LLP bought a new position in shares of Permian Resources during the second quarter valued at about $12,743,000. 91.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on PR. Bank of America reiterated a “buy” rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Mizuho reduced their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Wolfe Research started coverage on Permian Resources in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Royal Bank of Canada restated an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a research report on Monday, August 12th. Finally, Citigroup lowered their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average target price of $19.50.

Permian Resources Stock Performance

NASDAQ:PR opened at $14.13 on Wednesday. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28. The business’s fifty day moving average is $14.41 and its 200 day moving average is $15.81. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The firm has a market cap of $10.88 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 0.81 and a beta of 4.33.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company’s revenue for the quarter was up 99.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.27 earnings per share. Research analysts predict that Permian Resources Co. will post 1.53 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.70%. Permian Resources’s payout ratio is currently 21.82%.

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.