Qsemble Capital Management LP bought a new position in shares of Permian Resources Co. (NASDAQ:PR – Free Report) 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 %
Permian Resources (NASDAQ:PR – Get Free Report) 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.
Check Out Our Latest Stock Analysis on PR
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.
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