Distillate Capital Partners LLC Takes Position in Permian Resources Co. (NASDAQ:PR)

Distillate Capital Partners LLC acquired 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 SEC. The institutional investor acquired 954,387 shares of the company's stock, valued at approximately $15,413,000. Distillate Capital Partners LLC owned 0.12% of Permian Resources at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PR. Point72 DIFC Ltd acquired a new position in shares of Permian Resources in the 2nd quarter valued at about $1,510,000. Marshall Wace LLP acquired a new position in Permian Resources during the second quarter valued at approximately $12,743,000. Sagefield Capital LP grew its stake in Permian Resources by 34.8% during the second quarter. Sagefield Capital LP now owns 3,967,803 shares of the company's stock worth $64,080,000 after buying an additional 1,023,527 shares during the period. Interval Partners LP acquired a new stake in shares of Permian Resources in the second quarter worth $5,174,000. Finally, Xponance Inc. raised its stake in shares of Permian Resources by 11.9% in the 2nd quarter. Xponance Inc. now owns 73,769 shares of the company's stock valued at $1,191,000 after acquiring an additional 7,873 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Shares of PR traded down $0.05 during mid-day trading on Tuesday, hitting $14.13. The stock had a trading volume of 8,689,700 shares, compared to its average volume of 10,092,332. 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 company has a market cap of $10.88 billion, a PE ratio of 12.85, a PEG ratio of 0.77 and a beta of 4.33. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The company's fifty day simple moving average is $14.41 and its two-hundred day simple moving average is $15.81.

Permian Resources (NASDAQ:PR - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping 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 company had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the prior year, the company earned $0.27 earnings per share. The firm's revenue was up 99.9% compared to the same quarter last year. On average, equities analysts expect that Permian Resources Co. will post 1.57 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.70%. Permian Resources's payout ratio is currently 21.82%.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value 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 approximately $1,075,911.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the business's stock in a transaction dated Tuesday, September 3rd. The shares were 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 approximately $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 $855,288.07. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.

Analyst Upgrades and Downgrades

PR has been the subject of several recent research reports. Susquehanna lowered their price target on Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, September 4th. UBS Group lowered their target price on Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. reduced their price target on Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a research report on Thursday, September 12th. BMO Capital Markets upgraded shares of Permian Resources from a "market perform" rating to an "outperform" rating and set a $21.00 price objective on the stock in a research note on Wednesday, July 3rd. Finally, Citigroup lowered their price target on shares of Permian Resources from $20.00 to $18.00 and set a "buy" rating for the company in a report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.50.

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.