Viking Fund Management LLC Sells 100,000 Shares of Permian Resources Corporation $PR

Viking Fund Management LLC decreased its holdings in shares of Permian Resources Corporation (NYSE:PR) by 11.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 741,000 shares of the company’s stock after selling 100,000 shares during the quarter. Permian Resources makes up 1.1% of Viking Fund Management LLC’s holdings, making the stock its 28th biggest position. Viking Fund Management LLC’s holdings in Permian Resources were worth $9,485,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. HighTower Advisors LLC lifted its stake in shares of Permian Resources by 3.1% during the 1st quarter. HighTower Advisors LLC now owns 155,304 shares of the company’s stock worth $2,151,000 after buying an additional 4,708 shares during the last quarter. Cresset Asset Management LLC raised its holdings in Permian Resources by 58.5% in the 1st quarter. Cresset Asset Management LLC now owns 24,960 shares of the company’s stock valued at $346,000 after acquiring an additional 9,208 shares during the period. Brooklyn Investment Group lifted its position in Permian Resources by 433.9% during the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock worth $43,000 after acquiring an additional 2,534 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Permian Resources by 236.8% during the first quarter. Wellington Management Group LLP now owns 2,192,083 shares of the company’s stock worth $30,360,000 after acquiring an additional 1,541,183 shares during the period. Finally, Kestra Advisory Services LLC grew its position in shares of Permian Resources by 8.0% in the first quarter. Kestra Advisory Services LLC now owns 267,583 shares of the company’s stock valued at $3,706,000 after purchasing an additional 19,909 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Up 0.3%

Shares of NYSE PR opened at $13.82 on Friday. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.03. The stock’s fifty day moving average is $13.50 and its 200 day moving average is $13.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a market capitalization of $11.46 billion, a P/E ratio of 12.67 and a beta of 0.70.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.53 earnings per share. Sell-side analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Wednesday, December 17th. Permian Resources’s dividend payout ratio (DPR) is 55.05%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wells Fargo & Company dropped their price target on Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, October 17th. Royal Bank Of Canada increased their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Piper Sandler reduced their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a research note on Thursday, November 20th. Finally, Raymond James Financial dropped their price objective on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.07.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.