Algert Global LLC Boosts Stake in Permian Resources Co. (NYSE:PR)

Algert Global LLC grew its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 1,475.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 612,536 shares of the company's stock after buying an additional 573,666 shares during the quarter. Algert Global LLC owned 0.08% of Permian Resources worth $9,892,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. DRW Securities LLC bought a new position in shares of Permian Resources during the 4th quarter valued at $1,904,000. Franklin Resources Inc. grew its holdings in shares of Permian Resources by 74.2% during the 4th quarter. Franklin Resources Inc. now owns 351,681 shares of the company's stock valued at $4,783,000 after purchasing an additional 149,851 shares during the last quarter. American International Group Inc. grew its holdings in shares of Permian Resources by 10.4% during the 1st quarter. American International Group Inc. now owns 830,432 shares of the company's stock valued at $14,665,000 after purchasing an additional 78,146 shares during the last quarter. Retirement Systems of Alabama grew its holdings in shares of Permian Resources by 22.4% during the 1st quarter. Retirement Systems of Alabama now owns 577,336 shares of the company's stock valued at $10,196,000 after purchasing an additional 105,565 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company's stock valued at $657,088,000 after purchasing an additional 19,847,358 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Permian Resources Trading Up 3.4 %

Shares of PR opened at $13.51 on Friday. The firm's 50-day moving average price is $14.24 and its 200-day moving average price is $15.76. The firm has a market capitalization of $10.84 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 0.81 and a beta of 4.33. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results 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 quarter in the previous year, the firm posted $0.27 EPS. The company's revenue for the quarter was up 99.9% compared to the same quarter last year. Sell-side analysts anticipate that Permian Resources Co. will post 1.53 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.78%. Permian Resources's dividend payout ratio (DPR) is currently 21.82%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. 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. Truist Financial raised their price target on shares of Permian Resources from $21.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, July 30th. Bank of America reissued a "buy" rating and issued a $20.00 price target on shares of Permian Resources in a report on Friday, June 14th. Mizuho cut their price target on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, September 16th. Finally, UBS Group cut their price target on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, September 18th. Two investment 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. According to MarketBeat, Permian Resources presently has an average rating of "Moderate Buy" and an average price target of $19.50.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of Permian Resources 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 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 SEC, which is available at this hyperlink. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources 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 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 directly owns 61,399 shares of the company's stock, valued at $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

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.

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