Regal Partners Ltd Purchases New Position in Permian Resources Corporation $PR

Regal Partners Ltd purchased a new position in Permian Resources Corporation (NYSE:PR) in the 1st quarter, HoldingsChannel reports. The firm purchased 31,991 shares of the company’s stock, valued at approximately $682,000.

Other large investors also recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its stake in shares of Permian Resources by 122.9% in the 1st quarter. Empowered Funds LLC now owns 702,014 shares of the company’s stock valued at $14,967,000 after purchasing an additional 387,089 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in shares of Permian Resources in the 1st quarter worth approximately $34,065,000. Quantinno Capital Management LP increased its position in shares of Permian Resources by 117.3% during the 1st quarter. Quantinno Capital Management LP now owns 284,094 shares of the company’s stock valued at $6,057,000 after purchasing an additional 153,339 shares during the last quarter. SummitTX Capital L.P. increased its position in shares of Permian Resources by 63.3% during the 1st quarter. SummitTX Capital L.P. now owns 99,354 shares of the company’s stock valued at $2,118,000 after purchasing an additional 38,522 shares during the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Permian Resources by 133.8% during the 1st quarter. Lazard Asset Management LLC now owns 66,420 shares of the company’s stock valued at $1,416,000 after buying an additional 38,015 shares during the period. 91.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Evercore initiated coverage on Permian Resources in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target for the company. Truist Financial cut their price objective on shares of Permian Resources from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Weiss Ratings downgraded shares of Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, July 15th. Mizuho raised their target price on shares of Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, Raymond James Financial dropped their price target on shares of Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research note on Wednesday, June 17th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $23.29.

Permian Resources Price Performance

Shares of PR stock opened at $19.78 on Wednesday. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a market capitalization of $16.56 billion, a P/E ratio of 23.00 and a beta of 0.46. The stock has a 50 day moving average price of $19.47 and a 200 day moving average price of $18.90.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.44 EPS. As a group, sell-side analysts predict that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Dividend Announcement

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

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the transaction, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 5.00% of the company’s stock.

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.