Mount Lucas Management LP Grows Stock Holdings in Permian Resources Co. (NASDAQ:PR)

Mount Lucas Management LP raised its stake in Permian Resources Co. (NASDAQ:PR - Free Report) by 94.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 98,880 shares of the company's stock after buying an additional 48,116 shares during the quarter. Mount Lucas Management LP's holdings in Permian Resources were worth $1,597,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. New Mexico Educational Retirement Board raised its position in Permian Resources by 12.7% in the second quarter. New Mexico Educational Retirement Board now owns 97,500 shares of the company's stock valued at $1,575,000 after purchasing an additional 11,000 shares during the period. Los Angeles Capital Management LLC acquired a new position in Permian Resources during the 2nd quarter worth about $410,000. Arizona State Retirement System lifted its stake in Permian Resources by 10.8% during the 2nd quarter. Arizona State Retirement System now owns 131,607 shares of the company's stock worth $2,125,000 after acquiring an additional 12,850 shares in the last quarter. Ovata Capital Management Ltd purchased a new position in Permian Resources during the 2nd quarter valued at about $1,615,000. Finally, First Dallas Securities Inc. grew its position in Permian Resources by 4.8% in the 2nd quarter. First Dallas Securities Inc. now owns 41,387 shares of the company's stock valued at $668,000 after acquiring an additional 1,877 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Stock Performance

PR stock traded down $0.23 during trading on Friday, hitting $13.25. The company had a trading volume of 8,499,153 shares, compared to its average volume of 6,988,143. The firm has a 50-day moving average price of $15.08 and a 200-day moving average price of $15.97. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The firm has a market cap of $10.63 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 0.73 and a beta of 4.33. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28.

Permian Resources (NASDAQ:PR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period last year, the firm posted $0.27 EPS. Permian Resources's quarterly revenue was up 99.9% on a year-over-year basis. On average, analysts expect that Permian Resources Co. will post 1.63 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date was Monday, August 19th. Permian Resources's dividend payout ratio is presently 21.82%.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 4,821 shares of the firm'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 $1,075,911.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction 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 transaction, the executive vice president now directly owns 77,237 shares of the company's stock, valued at $1,075,911.41. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the business's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on PR. Susquehanna dropped 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 note on Wednesday. UBS Group lowered their target price on Permian Resources from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, August 9th. Citigroup reduced their price target on Permian Resources from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Benchmark reissued a "buy" rating and set a $17.00 price objective on shares of Permian Resources in a research report on Wednesday, August 7th. Finally, Piper Sandler reduced their target price on shares of Permian Resources from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, August 15th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.93.

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.