36,034 Shares in Permian Resources Co. (NYSE:PR) Purchased by Encompass More Asset Management

Encompass More Asset Management bought a new position in shares of Permian Resources Co. (NYSE:PR - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 36,034 shares of the company's stock, valued at approximately $518,000.

A number of other hedge funds have also bought and sold shares of the company. Hexagon Capital Partners LLC raised its position in shares of Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock worth $27,000 after acquiring an additional 1,998 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in Permian Resources during the fourth quarter worth approximately $31,000. UMB Bank n.a. increased its holdings in Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock worth $38,000 after purchasing an additional 1,390 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock valued at $43,000 after buying an additional 800 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company's stock worth $45,000 after buying an additional 2,629 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Down 2.3 %

Permian Resources stock traded down $0.36 during midday trading on Friday, hitting $15.23. 8,530,174 shares of the stock were exchanged, compared to its average volume of 7,736,307. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $12.23 billion, a price-to-earnings ratio of 9.23, a price-to-earnings-growth ratio of 4.60 and a beta of 4.32. Permian Resources Co. has a 52-week low of $12.59 and a 52-week high of $18.28. The business's 50-day moving average price is $14.96 and its 200-day moving average price is $14.63.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. On average, research analysts expect that Permian Resources Co. will post 1.44 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.94%. This is a boost from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources's payout ratio is presently 36.36%.

Analysts Set New Price Targets

Several analysts have recently weighed in on PR shares. Wells Fargo & Company lowered their price objective on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a research note on Tuesday, October 1st. Benchmark dropped their price objective on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. The Goldman Sachs Group started coverage on Permian Resources in a research note on Monday, September 30th. They issued a "buy" rating and a $19.00 target price for the company. Morgan Stanley initiated coverage on Permian Resources in a research note on Friday, January 10th. They set an "overweight" rating and a $19.00 price target on the stock. Finally, Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Permian Resources currently has an average rating of "Moderate Buy" and an average target price of $19.06.

Insider Activity

In related news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares of the company's stock, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 12.80% of the company's stock.

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.