Permian Resources Co. (NYSE:PR) Stake Lifted by King Luther Capital Management Corp

King Luther Capital Management Corp increased its stake in Permian Resources Co. (NYSE:PR) by 8.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,234,447 shares of the company’s stock after acquiring an additional 402,515 shares during the period. King Luther Capital Management Corp’s holdings in Permian Resources were worth $71,241,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Ontario Teachers Pension Plan Board bought a new position in shares of Permian Resources in the third quarter valued at approximately $695,000. Advisors Asset Management Inc. lifted its stake in Permian Resources by 38.4% during the third quarter. Advisors Asset Management Inc. now owns 122,463 shares of the company’s stock valued at $1,667,000 after purchasing an additional 33,992 shares during the last quarter. SCP Investment LP lifted its stake in Permian Resources by 6.7% during the third quarter. SCP Investment LP now owns 28,600 shares of the company’s stock valued at $389,000 after purchasing an additional 1,800 shares during the last quarter. Jennison Associates LLC lifted its stake in Permian Resources by 14.5% during the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after purchasing an additional 966,940 shares during the last quarter. Finally, Avior Wealth Management LLC lifted its stake in Permian Resources by 0.9% during the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock valued at $1,560,000 after purchasing an additional 1,007 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the stock. UBS Group cut their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. The Goldman Sachs Group began coverage on shares of Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target for the company. Susquehanna reduced their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.

Insiders Place Their Bets

In other news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This trade represents a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on 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 sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

Shares of PR opened at $15.45 on Thursday. The company’s fifty day moving average is $14.17 and its 200-day moving average is $14.97. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The firm has a market cap of $12.41 billion, a price-to-earnings ratio of 9.36, a price-to-earnings-growth ratio of 0.91 and a beta of 4.34. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

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

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.88%. The ex-dividend date is Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

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.