Permian Resources Co. (NASDAQ:PR) Shares Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. boosted its stake in shares of Permian Resources Co. (NASDAQ:PR) by 16,359.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,473,023 shares of the company’s stock after buying an additional 3,451,923 shares during the quarter. Point72 Asset Management L.P. owned 0.45% of Permian Resources worth $56,089,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. D.A. Davidson & CO. purchased a new position in shares of Permian Resources in the fourth quarter valued at $136,000. Franklin Resources Inc. raised its position in Permian Resources by 74.2% during the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after acquiring an additional 149,851 shares during the last quarter. Orion Portfolio Solutions LLC lifted its holdings in shares of Permian Resources by 113.7% in the fourth quarter. Orion Portfolio Solutions LLC now owns 134,246 shares of the company’s stock valued at $1,802,000 after purchasing an additional 71,430 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares during the last quarter. Finally, United Services Automobile Association increased its stake in shares of Permian Resources by 61.0% during the 4th quarter. United Services Automobile Association now owns 26,141 shares of the company’s stock worth $356,000 after purchasing an additional 9,905 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

PR has been the topic of a number of analyst reports. UBS Group lowered their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Wolfe Research initiated coverage on Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Citigroup decreased their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a report on Monday, August 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Permian Resources Stock Down 2.8 %

Shares of NASDAQ PR opened at $13.75 on Thursday. 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 stock has a market capitalization of $10.59 billion, a PE ratio of 12.50, a P/E/G ratio of 0.81 and a beta of 4.33. The firm has a fifty day moving average of $14.36 and a 200-day moving average of $15.80. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm’s revenue 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. On average, analysts anticipate that Permian Resources Co. will post 1.53 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were given a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.75%. Permian Resources’s dividend payout ratio (DPR) is 21.82%.

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.