Point72 Hong Kong Ltd Purchases 8,315 Shares of Permian Resources Co. (NYSE:PR)

Point72 Hong Kong Ltd raised its position in Permian Resources Co. (NYSE:PR) by 742.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 9,435 shares of the company’s stock after acquiring an additional 8,315 shares during the period. Point72 Hong Kong Ltd’s holdings in Permian Resources were worth $128,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Innealta Capital LLC bought a new position in Permian Resources in the 2nd quarter valued at about $30,000. Hexagon Capital Partners LLC lifted its holdings in shares of Permian Resources by 28,542.9% in the third 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. Gilliland Jeter Wealth Management LLC purchased a new position in shares of Permian Resources during the second quarter valued at approximately $40,000. UMB Bank n.a. grew its holdings in Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after buying an additional 2,629 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PR has been the subject of several recent analyst reports. Truist Financial upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Mizuho dropped their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Finally, Piper Sandler boosted their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Two equities research 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Stock Up 2.0 %

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

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 3.85%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s payout ratio is presently 36.36%.

Permian Resources 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.