Permian Resources Co. (NYSE:PR) Shares Sold by Tidal Investments LLC

Tidal Investments LLC lessened its stake in shares of Permian Resources Co. (NYSE:PR) by 76.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,142 shares of the company’s stock after selling 66,965 shares during the period. Tidal Investments LLC’s holdings in Permian Resources were worth $274,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PR. Hexagon Capital Partners LLC grew its position in shares of Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares in the last quarter. Innealta Capital LLC acquired a new position in Permian Resources in the 2nd quarter valued at about $30,000. UMB Bank n.a. grew its stake in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares during the period. Sunbelt Securities Inc. increased its holdings in shares of Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after buying an additional 800 shares during the last quarter. Finally, Blue Trust Inc. raised its position in shares of Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after buying an additional 2,629 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price 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. Benchmark reduced their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. The Goldman Sachs Group began coverage on shares of Permian Resources in a research note on Monday, September 30th. They set a “buy” rating and a $19.00 target price on the stock. Mizuho reduced their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, UBS Group lowered their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $13.95 on Wednesday. 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 52 week low of $12.59 and a 52 week high of $18.28. The firm’s 50 day moving average is $14.59 and its two-hundred day moving average is $14.74. The firm has a market capitalization of $11.21 billion, a P/E ratio of 8.45, a P/E/G ratio of 0.88 and a beta of 4.35.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating 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 firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period last year, the firm posted $0.36 EPS. The company’s revenue was up 60.3% on a year-over-year basis. Research analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a $0.15 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 4.30%. The ex-dividend date was Thursday, November 14th. Permian Resources’s payout ratio is presently 36.36%.

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.