159,528 Shares in Permian Resources Co. (NYSE:PR) Purchased by Neo Ivy Capital Management

Neo Ivy Capital Management acquired a new position in Permian Resources Co. (NYSE:PR - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 159,528 shares of the company's stock, valued at approximately $2,172,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PR. Tributary Capital Management LLC grew its position in shares of Permian Resources by 8,360.8% in the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company's stock worth $699,000 after buying an additional 50,750 shares during the period. Point72 Asset Management L.P. boosted its stake in Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock worth $74,811,000 after acquiring an additional 2,023,742 shares in the last quarter. South Street Advisors LLC purchased a new stake in Permian Resources in the third quarter worth about $7,142,000. Oppenheimer Asset Management Inc. bought a new position in shares of Permian Resources during the third quarter valued at approximately $556,000. Finally, King Luther Capital Management Corp lifted its holdings in shares of Permian Resources by 8.3% during the third quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company's stock valued at $71,241,000 after purchasing an additional 402,515 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

PR stock traded up $0.21 during midday trading on Wednesday, reaching $14.98. 2,039,244 shares of the company's stock traded hands, compared to its average volume of 9,890,732. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52-week low of $12.47 and a 52-week high of $18.28. The stock has a market cap of $12.03 billion, a P/E ratio of 8.96, a PEG ratio of 0.88 and a beta of 4.35. The stock's 50-day moving average is $14.64 and its 200 day moving average is $14.84.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources's revenue was up 60.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 EPS. As a group, analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This is a boost from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date was Thursday, November 14th. Permian Resources's payout ratio is presently 36.36%.

Analyst Upgrades and Downgrades

PR has been the subject of a number of analyst reports. Royal Bank of Canada reaffirmed an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. Piper Sandler raised their price target on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Monday, November 18th. The Goldman Sachs Group started coverage on shares of Permian Resources in a research note on Monday, September 30th. They issued a "buy" rating and a $19.00 price target on the stock. Wells Fargo & Company reduced their price objective on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a research note on Tuesday, October 1st. Finally, Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, October 16th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.93.

Permian Resources 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.