Qsemble Capital Management LP Invests $606,000 in Permian Resources Co. (NASDAQ:PR)

Qsemble Capital Management LP bought a new position in shares of Permian Resources Co. (NASDAQ:PR) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 34,306 shares of the company’s stock, valued at approximately $606,000.

Several other hedge funds also recently added to or reduced their stakes in PR. Vanguard Group Inc. grew its holdings in shares of Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after buying an additional 19,847,358 shares during the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in Permian Resources during the 4th quarter valued at about $353,683,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Permian Resources by 96.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after purchasing an additional 6,464,093 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Permian Resources by 16.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock worth $145,546,000 after purchasing an additional 1,544,525 shares during the last quarter. Finally, OnyxPoint Global Management LP acquired a new stake in shares of Permian Resources during the fourth quarter worth about $114,159,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were 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 of the company’s stock, valued at $2,605,279.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 12.80% of the stock is owned by company insiders.

Permian Resources Trading Up 0.7 %

Shares of NASDAQ:PR traded up $0.12 during mid-day trading on Wednesday, reaching $16.75. 2,615,063 shares of the company were exchanged, compared to its average volume of 9,987,850. The firm has a market cap of $12.90 billion, a price-to-earnings ratio of 15.10, a P/E/G ratio of 0.66 and a beta of 4.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. Permian Resources Co. has a 1 year low of $10.60 and a 1 year high of $18.28. The firm’s 50-day simple moving average is $16.02 and its 200 day simple moving average is $15.68.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. Equities research analysts forecast that Permian Resources Co. will post 1.75 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were paid a $0.06 dividend. The ex-dividend date was Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.43%. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PR. Stifel Nicolaus lifted their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Bank of America reiterated a “buy” rating and set a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. Raymond James initiated coverage on Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price target for the company. Truist Financial raised their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of Permian Resources in a research note on Thursday, July 11th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $20.57.

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.