Viking Fund Management LLC Trims Stake in Permian Resources Co. (NASDAQ:PR)

Viking Fund Management LLC decreased its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 3.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 300,000 shares of the company’s stock after selling 10,000 shares during the period. Viking Fund Management LLC’s holdings in Permian Resources were worth $5,298,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Deutsche Bank AG raised its holdings in shares of Permian Resources by 24.1% during the third quarter. Deutsche Bank AG now owns 135,865 shares of the company’s stock valued at $1,897,000 after acquiring an additional 26,393 shares during the last quarter. Kestra Advisory Services LLC increased its holdings in shares of Permian Resources by 6.0% in the 3rd quarter. Kestra Advisory Services LLC now owns 50,792 shares of the company’s stock valued at $709,000 after acquiring an additional 2,853 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Permian Resources during the 3rd quarter worth approximately $286,000. Envestnet Asset Management Inc. increased its position in shares of Permian Resources by 80.3% during the third quarter. Envestnet Asset Management Inc. now owns 305,185 shares of the company’s stock worth $4,260,000 after purchasing an additional 135,949 shares in the last quarter. Finally, FMR LLC lifted its stake in Permian Resources by 20.3% in the third quarter. FMR LLC now owns 184,640 shares of the company’s stock valued at $2,578,000 after buying an additional 31,184 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Mizuho raised their price target on Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Raymond James assumed coverage on shares of Permian Resources in a report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price objective on the stock. Finally, Stifel Nicolaus upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources currently has an average rating of “Buy” and an average price target of $20.31.

Permian Resources Stock Performance

Shares of NASDAQ:PR traded up $0.43 during trading on Thursday, hitting $15.97. 11,214,442 shares of the stock were exchanged, compared to its average volume of 9,524,039. The company’s fifty day simple moving average is $16.24 and its 200-day simple moving average is $15.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55. The company has a market capitalization of $12.30 billion, a price-to-earnings ratio of 14.13, a price-to-earnings-growth ratio of 0.62 and a beta of 4.26. Permian Resources Co. has a 1-year low of $10.31 and a 1-year high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. Sell-side analysts expect that Permian Resources Co. will post 1.78 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, May 20th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.50%. Permian Resources’s dividend payout ratio is 21.82%.

Insider Activity at Permian Resources

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

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.