SCP Investment LP Grows Stock Position in Permian Resources Co. (NYSE:PR)

SCP Investment LP boosted its holdings in shares of Permian Resources Co. (NYSE:PR) by 6.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,600 shares of the company’s stock after acquiring an additional 1,800 shares during the period. SCP Investment LP’s holdings in Permian Resources were worth $389,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PR. Vanguard Group Inc. boosted its holdings in shares of Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after purchasing an additional 5,432,654 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Permian Resources by 9.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after acquiring an additional 1,471,833 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after acquiring an additional 4,497,184 shares during the period. Renaissance Technologies LLC grew its holdings in Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the period. Finally, Jennison Associates LLC grew its holdings in Permian Resources by 14.5% in the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after purchasing an additional 966,940 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

PR stock opened at $15.13 on Wednesday. The company has a market capitalization of $12.15 billion, a PE ratio of 9.17, a P/E/G 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. The stock’s 50 day moving average is $14.12 and its two-hundred day moving average is $14.97. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s revenue was up 60.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. 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 disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.97%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is presently 36.36%.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The trade was a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PR shares. UBS Group decreased their price target 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. Benchmark lowered their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. JPMorgan Chase & Co. cut their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Mizuho decreased their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, Piper Sandler raised their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Monday. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

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.