Ovata Capital Management Ltd bought a new position in shares of Permian Resources Co. (NASDAQ:PR - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 100,000 shares of the company's stock, valued at approximately $1,615,000. Permian Resources makes up approximately 0.9% of Ovata Capital Management Ltd's portfolio, making the stock its 23rd largest position.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company's stock worth $949,189,000 after acquiring an additional 5,432,654 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Permian Resources by 96.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company's stock valued at $178,961,000 after purchasing an additional 6,464,093 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock valued at $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Permian Resources by 16.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company's stock valued at $145,546,000 after purchasing an additional 1,544,525 shares in the last quarter. Finally, OnyxPoint Global Management LP acquired a new position in shares of Permian Resources during the fourth quarter worth about $114,159,000. 91.84% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts recently commented on the stock. Wolfe Research assumed coverage on shares of Permian Resources in a report on Thursday, July 18th. They set a "peer perform" rating for the company. Susquehanna decreased their price objective on Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday. Citigroup dropped their target price on Permian Resources from $20.00 to $18.00 and set a "buy" rating on the stock in a report on Friday, August 9th. Truist Financial raised their price target on Permian Resources from $21.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, July 30th. Finally, Bank of America reiterated a "buy" rating and set a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Permian Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.93.
Get Our Latest Stock Analysis on Permian Resources
Permian Resources Price Performance
NASDAQ:PR traded down $0.23 during mid-day trading on Friday, reaching $13.25. The stock had a trading volume of 8,496,213 shares, compared to its average volume of 9,931,741. The stock has a 50-day simple moving average of $15.08 and a two-hundred day simple moving average of $15.96. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The stock has a market capitalization of $10.20 billion, a PE ratio of 12.05, a P/E/G ratio of 0.77 and a beta of 4.33.
Permian Resources (NASDAQ:PR - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. Permian Resources's revenue was up 99.9% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. On average, equities analysts anticipate that Permian Resources Co. will post 1.63 earnings per share for the current year.
Permian Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.81%. The ex-dividend date was Monday, August 19th. Permian Resources's dividend payout ratio (DPR) is 21.82%.
Insider Buying and Selling
In other news, EVP John Charles Bell sold 4,821 shares of the business's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares of the company's stock, valued at approximately $855,288.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Charles Bell sold 4,821 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 value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.
About Permian Resources
(
Free Report)
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.
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