Los Angeles Capital Management LLC Takes Position in Permian Resources Co. (NASDAQ:PR)

Los Angeles Capital Management LLC acquired a new position in shares of Permian Resources Co. (NASDAQ:PR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 25,378 shares of the company’s stock, valued at approximately $410,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in Permian Resources in the first quarter valued at about $25,000. YHB Investment Advisors Inc. acquired a new position in shares of Permian Resources in the 1st quarter valued at approximately $26,000. Rise Advisors LLC bought a new stake in Permian Resources during the 1st quarter worth approximately $32,000. Innealta Capital LLC acquired a new stake in Permian Resources during the 2nd quarter worth approximately $30,000. Finally, Transcendent Capital Group LLC bought a new position in Permian Resources in the first quarter valued at approximately $36,000. Institutional investors own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PR. Truist Financial increased their price objective on shares of Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Susquehanna cut their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 price objective on shares of Permian Resources in a report on Monday, August 12th. Citigroup dropped their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, BMO Capital Markets raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research report on Wednesday, July 3rd. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.71.

Permian Resources Trading Up 2.5 %

Shares of NASDAQ:PR opened at $13.49 on Friday. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28. 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 company has a market capitalization of $10.83 billion, a P/E ratio of 12.26, a price-to-earnings-growth ratio of 0.71 and a beta of 4.33. The company has a 50-day simple moving average of $14.75 and a 200 day simple moving average of $15.90.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the firm posted $0.27 earnings per share. The business’s revenue was up 99.9% on a year-over-year basis. Sell-side analysts forecast that Permian Resources Co. will post 1.63 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio is presently 21.82%.

Insider Buying and Selling

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

Permian Resources Company 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.