Permian Resources Co. (NYSE:PR) Shares Acquired by Ninepoint Partners LP

Ninepoint Partners LP increased its position in shares of Permian Resources Co. (NYSE:PR) by 9.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 600,000 shares of the company’s stock after acquiring an additional 50,000 shares during the quarter. Permian Resources makes up approximately 0.9% of Ninepoint Partners LP’s holdings, making the stock its 12th biggest holding. Ninepoint Partners LP’s holdings in Permian Resources were worth $9,690,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PR. Vanguard Group Inc. lifted its stake in shares of Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after purchasing an additional 19,847,358 shares in the last quarter. OnyxPoint Global Management LP acquired a new position in shares of Permian Resources during the 4th quarter valued at $114,159,000. Price T Rowe Associates Inc. MD boosted its position in Permian Resources by 480.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after purchasing an additional 5,012,287 shares during the period. Bank of New York Mellon Corp increased its holdings in Permian Resources by 59.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Finally, Merewether Investment Management LP grew its stake in shares of Permian Resources by 148.1% in the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after buying an additional 3,522,300 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PR. Bank of America restated a “buy” rating and issued a $20.00 target price on shares of Permian Resources in a research note on Friday, June 14th. Truist Financial upped their price objective on shares of Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Mizuho dropped their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. JPMorgan Chase & Co. lowered their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, Benchmark reaffirmed a “buy” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Permian Resources Price Performance

Shares of NYSE:PR opened at $13.51 on Friday. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The firm has a 50-day simple moving average of $14.24 and a 200 day simple moving average of $15.76. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The company has a market cap of $10.84 billion, a PE ratio of 12.28, a P/E/G ratio of 0.81 and a beta of 4.33.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the firm earned $0.27 EPS. The business’s quarterly revenue was up 99.9% on a year-over-year basis. On average, sell-side analysts anticipate 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 given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.78%. Permian Resources’s dividend payout ratio is currently 21.82%.

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.