Cinctive Capital Management LP Purchases Shares of 141,540 Permian Resources Co. (NYSE:PR)

Cinctive Capital Management LP acquired a new position in Permian Resources Co. (NYSE:PR) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 141,540 shares of the company’s stock, valued at approximately $1,926,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Innealta Capital LLC bought a new position in Permian Resources during the 2nd quarter worth approximately $30,000. Hexagon Capital Partners LLC raised its stake in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares during the last quarter. Gilliland Jeter Wealth Management LLC acquired a new position in Permian Resources in the second quarter valued at $40,000. UMB Bank n.a. boosted its position in Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after acquiring an additional 1,390 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Permian Resources by 399.5% during the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after acquiring an additional 2,629 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Susquehanna dropped their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Piper Sandler boosted their price target on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Mizuho reduced their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. UBS Group dropped their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Finally, The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target for the company. 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, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.

Permian Resources Price Performance

PR stock opened at $15.58 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The business has a 50-day simple moving average of $14.48 and a two-hundred day simple moving average of $14.89. The company has a market capitalization of $12.52 billion, a P/E ratio of 9.44, a price-to-earnings-growth ratio of 0.92 and a beta of 4.35. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share. Research analysts expect 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. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.85%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is currently 36.36%.

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.