Castleark Management LLC Acquires 75,700 Shares of Permian Resources Co. (NASDAQ:PR)

Castleark Management LLC boosted its stake in Permian Resources Co. (NASDAQ:PR) by 370.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,160 shares of the company’s stock after purchasing an additional 75,700 shares during the period. Castleark Management LLC’s holdings in Permian Resources were worth $1,698,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Permian Resources by 47.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after purchasing an additional 554,694 shares during the period. Mount Lucas Management LP purchased a new position in shares of Permian Resources during the fourth quarter valued at approximately $746,000. DRW Securities LLC purchased a new position in shares of Permian Resources during the fourth quarter valued at approximately $1,904,000. Franklin Resources Inc. increased its stake in shares of Permian Resources by 74.2% during the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock valued at $4,783,000 after buying an additional 149,851 shares during the period. Finally, American International Group Inc. increased its stake in shares of Permian Resources by 10.4% during the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after buying an additional 78,146 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on PR. Mizuho boosted their target price on Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Bank of America reissued a “buy” rating and set a $20.00 target price on shares of Permian Resources in a research note on Friday, June 14th. Raymond James initiated coverage on Permian Resources in a research note on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Finally, Wolfe Research initiated coverage on Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Permian Resources Stock Down 2.2 %

Permian Resources stock traded down $0.33 during mid-day trading on Thursday, hitting $15.01. The company had a trading volume of 3,912,394 shares, compared to its average volume of 10,060,924. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. The stock’s 50 day moving average price is $15.82 and its two-hundred day moving average price is $15.83. Permian Resources Co. has a 12 month low of $11.17 and a 12 month high of $18.28. The company has a market capitalization of $11.56 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 0.60 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. As a group, sell-side analysts anticipate that Permian Resources Co. will post 1.71 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Monday, May 20th. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is 21.82%.

Insider Activity at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, May 15th. The stock was 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 approximately $2,605,279.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.80% of the stock is owned by corporate insiders.

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.