Nixon Capital LLC Invests $7.62 Million in Permian Resources Corporation $PR

Nixon Capital LLC bought a new position in Permian Resources Corporation (NYSE:PR) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 543,352 shares of the company’s stock, valued at approximately $7,623,000. Permian Resources makes up 2.0% of Nixon Capital LLC’s portfolio, making the stock its 21st biggest holding. Nixon Capital LLC owned approximately 0.07% of Permian Resources at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sharpepoint LLC lifted its holdings in Permian Resources by 23.2% during the 4th quarter. Sharpepoint LLC now owns 163,151 shares of the company’s stock worth $2,289,000 after buying an additional 30,691 shares in the last quarter. Hodges Capital Management Inc. lifted its holdings in Permian Resources by 1.2% during the 4th quarter. Hodges Capital Management Inc. now owns 512,162 shares of the company’s stock worth $7,186,000 after buying an additional 6,215 shares in the last quarter. Deutsche Bank AG lifted its holdings in Permian Resources by 12.4% during the 4th quarter. Deutsche Bank AG now owns 118,649 shares of the company’s stock worth $1,665,000 after buying an additional 13,076 shares in the last quarter. Amova Asset Management Americas Inc. lifted its holdings in Permian Resources by 34.6% during the 4th quarter. Amova Asset Management Americas Inc. now owns 63,594 shares of the company’s stock worth $892,000 after buying an additional 16,339 shares in the last quarter. Finally, First Dallas Securities Inc. lifted its holdings in Permian Resources by 33.0% during the 4th quarter. First Dallas Securities Inc. now owns 74,630 shares of the company’s stock worth $1,047,000 after buying an additional 18,520 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director William J. Quinn sold 512,429 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the completion of the transaction, the director directly owned 6,914,410 shares in the company, valued at $135,453,291.90. This represents a 6.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 588,198 shares of company stock valued at $11,576,280. Company insiders own 5.00% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE PR opened at $19.79 on Thursday. The firm has a market cap of $16.57 billion, a PE ratio of 23.02 and a beta of 0.48. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67. The company has a fifty day moving average price of $20.38 and a 200 day moving average price of $17.69.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 EPS. Research analysts predict that Permian Resources Corporation will post 2.01 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. Permian Resources’s dividend payout ratio is presently 74.42%.

Wall Street Analysts Forecast Growth

PR has been the topic of several research reports. The Goldman Sachs Group upped their price objective on Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a report on Thursday, February 26th. Benchmark cut shares of Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Scotiabank upped their target price on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 22nd. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a research report on Friday, March 27th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $22.69.

Permian Resources Company Profile

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.