Permian Resources Co. (NYSE:PR) Position Lifted by Victory Capital Management Inc.

Victory Capital Management Inc. raised its stake in Permian Resources Co. (NYSE:PR) by 4.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,923,785 shares of the company’s stock after acquiring an additional 74,432 shares during the period. Victory Capital Management Inc.’s holdings in Permian Resources were worth $26,183,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. acquired a new position in Permian Resources in the third quarter worth about $633,000. GSA Capital Partners LLP acquired a new position in shares of Permian Resources in the 3rd quarter worth approximately $1,134,000. Entropy Technologies LP grew its position in shares of Permian Resources by 46.3% in the 3rd quarter. Entropy Technologies LP now owns 103,289 shares of the company’s stock worth $1,406,000 after acquiring an additional 32,686 shares in the last quarter. Nations Financial Group Inc. IA ADV bought a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $220,000. Finally, TimesSquare Capital Management LLC raised its position in shares of Permian Resources by 25.1% during the 3rd quarter. TimesSquare Capital Management LLC now owns 3,939,985 shares of the company’s stock valued at $53,623,000 after acquiring an additional 791,005 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PR. Susquehanna lowered their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. UBS Group cut their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Piper Sandler decreased their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Wells Fargo & Company dropped their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Finally, Mizuho lowered 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. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.87.

Permian Resources Stock Performance

PR stock opened at $14.80 on Monday. The company has a 50-day simple moving average of $14.03 and a 200 day simple moving average of $14.99. The company has a market capitalization of $11.88 billion, a P/E ratio of 8.97, a PEG ratio of 0.89 and a beta of 4.34. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the business posted $0.36 EPS. The business’s revenue for the quarter was up 60.3% compared to the same quarter last year. Sell-side analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 4.05%. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

Insider Transactions at Permian Resources

In related news, CAO Robert Regan Shannon sold 4,822 shares of the business’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 $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. The trade was a 7.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 4,821 shares of the firm’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 sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

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.