Point72 Asset Management L.P. Purchases 3,451,923 Shares of Permian Resources Co. (NASDAQ:PR)

Point72 Asset Management L.P. increased its position in shares of Permian Resources Co. (NASDAQ:PR - Free Report) by 16,359.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,473,023 shares of the company's stock after buying an additional 3,451,923 shares during the quarter. Point72 Asset Management L.P. owned 0.45% of Permian Resources worth $56,089,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. YHB Investment Advisors Inc. acquired a new stake in Permian Resources during the 1st quarter worth approximately $26,000. Parallel Advisors LLC raised its stake in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company's stock worth $30,000 after purchasing an additional 1,178 shares in the last quarter. Innealta Capital LLC bought a new stake in Permian Resources in the 2nd quarter valued at about $30,000. Rise Advisors LLC acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $32,000. Finally, Transcendent Capital Group LLC bought a new position in shares of Permian Resources during the first quarter worth approximately $36,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Trading Down 5.1 %

Permian Resources stock traded down $0.70 during trading hours on Thursday, reaching $13.05. 8,121,069 shares of the company's stock were exchanged, compared to its average volume of 10,065,750. The firm has a market capitalization of $10.05 billion, a PE ratio of 12.50, a PEG ratio of 0.81 and a beta of 4.33. 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's 50 day simple moving average is $14.36 and its 200 day simple moving average is $15.80. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28.

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. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm's revenue for the quarter was up 99.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 earnings per share. Research analysts predict that Permian Resources Co. will post 1.53 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources's payout ratio is 21.82%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the firm'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 value of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares of the company's stock, valued at $855,288.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 completion of the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the company's stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 77,237 shares of the company's stock, valued at $1,075,911.41. 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 analyst reports. Piper Sandler cut their target price on Permian Resources from $23.00 to $21.00 and set an "overweight" rating for the company in a research note on Thursday, August 15th. Susquehanna cut 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 report on Wednesday, September 4th. Truist Financial boosted their target price on shares of Permian Resources from $21.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, July 30th. UBS Group cut their price objective on Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. lowered their target price on Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a report on Thursday, September 12th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Permian Resources presently has an average rating of "Moderate Buy" and a consensus price target 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.