1832 Asset Management L.P. Has $23.35 Million Stake in Permian Resources Co. (NASDAQ:PR)

1832 Asset Management L.P. increased its stake in shares of Permian Resources Co. (NASDAQ:PR) by 47.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,322,381 shares of the company’s stock after acquiring an additional 423,824 shares during the period. 1832 Asset Management L.P. owned 0.17% of Permian Resources worth $23,353,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PR. SG Americas Securities LLC acquired a new stake in Permian Resources in the 4th quarter valued at approximately $167,000. Raymond James & Associates grew its holdings in Permian Resources by 26.1% in the 4th quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock valued at $8,624,000 after buying an additional 131,078 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Permian Resources by 143.3% in the 4th quarter. Pacer Advisors Inc. now owns 56,627 shares of the company’s stock valued at $770,000 after buying an additional 33,349 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Permian Resources by 36.1% in the 4th quarter. State of Alaska Department of Revenue now owns 44,910 shares of the company’s stock valued at $610,000 after buying an additional 11,920 shares during the last quarter. Finally, Realta Investment Advisors acquired a new stake in Permian Resources in the 4th quarter valued at approximately $224,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Activity

In related news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the sale, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on PR shares. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Wednesday, July 3rd. UBS Group upgraded Permian Resources from a “neutral” rating to a “buy” rating and raised their target price for the stock from $20.00 to $21.00 in a research report on Friday, June 14th. Mizuho raised their target price on Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Truist Financial cut their target price on Permian Resources from $24.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $20.00 target price on shares of Permian Resources in a research report on Thursday, July 11th. Two 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.43.

Permian Resources Trading Down 0.5 %

PR stock traded down $0.08 during midday trading on Friday, hitting $15.31. 8,878,541 shares of the company’s stock were exchanged, compared to its average volume of 11,690,083. The company has a market cap of $11.79 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 0.60 and a beta of 4.37. The stock’s fifty day moving average price is $15.87 and its 200-day moving average price is $15.79. Permian Resources Co. has a one year low of $10.93 and a one year high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. Research analysts predict that Permian Resources Co. will post 1.7 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.57%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 20th. Permian Resources’s payout ratio is 21.82%.

About Permian Resources

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.