Entropy Technologies LP Increases Position in Permian Resources Co. (NYSE:PR)

Entropy Technologies LP increased its stake in shares of Permian Resources Co. (NYSE:PR) by 46.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 103,289 shares of the company’s stock after buying an additional 32,686 shares during the quarter. Entropy Technologies LP’s holdings in Permian Resources were worth $1,406,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PR. Janney Montgomery Scott LLC grew its stake in shares of Permian Resources by 38.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company’s stock valued at $393,000 after purchasing an additional 6,126 shares during the last quarter. Empowered Funds LLC grew its position in Permian Resources by 54.5% in the 1st quarter. Empowered Funds LLC now owns 70,770 shares of the company’s stock valued at $1,250,000 after buying an additional 24,967 shares during the last quarter. SG Americas Securities LLC increased its stake in Permian Resources by 444.4% in the 1st quarter. SG Americas Securities LLC now owns 66,923 shares of the company’s stock valued at $1,182,000 after buying an additional 54,629 shares during the period. Swiss National Bank raised its position in Permian Resources by 17.8% during the 1st quarter. Swiss National Bank now owns 853,348 shares of the company’s stock worth $15,070,000 after buying an additional 129,000 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Permian Resources by 21.0% in the 1st quarter. ProShare Advisors LLC now owns 104,443 shares of the company’s stock worth $1,844,000 after acquiring an additional 18,103 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources Trading Up 0.5 %

Shares of PR opened at $15.19 on Wednesday. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a 50 day simple moving average of $13.94 and a 200-day simple moving average of $15.03. The stock has a market cap of $12.19 billion, a price-to-earnings ratio of 9.21, a price-to-earnings-growth ratio of 0.90 and a beta of 4.34.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business’s revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.36 earnings per share. Equities analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is currently 14.55%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PR. JPMorgan Chase & Co. cut their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Piper Sandler cut their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Wolfe Research began coverage on Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Mizuho cut their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, UBS Group reduced their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Profile

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.