Permian Resources Co. (NYSE:PR) Shares Acquired by Mount Lucas Management LP

Mount Lucas Management LP increased its position in shares of Permian Resources Co. (NYSE:PR) by 3.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 102,701 shares of the company’s stock after buying an additional 3,821 shares during the period. Mount Lucas Management LP’s holdings in Permian Resources were worth $1,398,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hexagon Capital Partners LLC grew its stake in Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares in the last quarter. Innealta Capital LLC acquired a new stake in Permian Resources in the second quarter valued at $30,000. Transcendent Capital Group LLC bought a new position in Permian Resources during the 1st quarter valued at $36,000. UMB Bank n.a. grew its holdings in Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after acquiring an additional 1,390 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in shares of Permian Resources in the 2nd quarter worth about $40,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of research reports. Mizuho decreased their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. JPMorgan Chase & Co. decreased their target price on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Citigroup dropped their price target 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. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Finally, Susquehanna lowered their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $18.87.

Permian Resources Trading Down 2.5 %

Permian Resources stock opened at $14.80 on Friday. 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 firm has a 50-day moving average price of $14.03 and a two-hundred day moving average price of $15.00. The firm has a market capitalization of $11.88 billion, a price-to-earnings ratio of 8.97, a PEG ratio of 0.89 and a beta of 4.34. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the firm posted $0.36 earnings per share. The business’s revenue was up 60.3% on a year-over-year basis. Sell-side analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be paid a $0.15 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.05%. Permian Resources’s dividend payout ratio is presently 36.36%.

Insider Activity

In related news, EVP John Charles Bell sold 4,821 shares of the firm’s 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 transaction, the executive vice president now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares in the company, 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. Corporate insiders own 12.80% of the company’s stock.

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.