SIR Capital Management L.P. Acquires 1,101,300 Shares of Permian Resources Co. (NASDAQ:PR)

SIR Capital Management L.P. raised its holdings in shares of Permian Resources Co. (NASDAQ:PR - Free Report) by 73.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,598,170 shares of the company's stock after buying an additional 1,101,300 shares during the period. Permian Resources comprises 4.2% of SIR Capital Management L.P.'s portfolio, making the stock its 3rd largest holding. SIR Capital Management L.P. owned 0.34% of Permian Resources worth $41,960,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Simplicity Wealth LLC boosted its position in shares of Permian Resources by 5.2% during the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company's stock worth $212,000 after acquiring an additional 646 shares during the last quarter. GAMMA Investing LLC lifted its position in Permian Resources by 19.6% during the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company's stock valued at $70,000 after purchasing an additional 716 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its position in Permian Resources by 2.0% during the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company's stock valued at $677,000 after purchasing an additional 740 shares during the last quarter. Mount Yale Investment Advisors LLC lifted its position in Permian Resources by 3.1% during the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company's stock valued at $454,000 after purchasing an additional 781 shares during the last quarter. Finally, Larson Financial Group LLC lifted its position in Permian Resources by 0.5% during the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company's stock valued at $3,379,000 after purchasing an additional 949 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Benchmark reissued a "buy" rating and issued a $17.00 target price on shares of Permian Resources in a research note on Wednesday, August 7th. Royal Bank of Canada reissued an "outperform" rating and issued a $20.00 target price on shares of Permian Resources in a research note on Monday, August 12th. UBS Group reduced their target price on shares of Permian Resources from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, August 9th. Truist Financial increased their target price on shares of Permian Resources from $21.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, July 30th. Finally, Susquehanna reduced their target price on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 4th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.93.

Permian Resources Stock Down 1.8 %

NASDAQ PR traded down $0.23 during trading on Tuesday, reaching $12.90. 10,492,933 shares of the company's stock traded hands, compared to its average volume of 9,921,857. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market cap of $10.35 billion, a price-to-earnings ratio of 11.73, a price-to-earnings-growth ratio of 0.72 and a beta of 4.33. The company's 50 day simple moving average is $14.95 and its two-hundred day simple moving average is $15.95. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28.

Permian Resources (NASDAQ:PR - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.39 EPS 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 business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the firm posted $0.27 EPS. The company's revenue for the quarter was up 99.9% on a year-over-year basis. As a group, sell-side analysts forecast that Permian Resources Co. will post 1.63 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date was Monday, August 19th. Permian Resources's dividend payout ratio (DPR) is presently 21.82%.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources 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 completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources 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 $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company's stock, valued at approximately $855,288.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 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 transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Permian Resources Company 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.