Viking Fund Management LLC Boosts Stake in Permian Resources Co. (NYSE:PR)

Viking Fund Management LLC raised its position in Permian Resources Co. (NYSE:PR - Free Report) by 28.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 881,000 shares of the company's stock after buying an additional 193,700 shares during the period. Permian Resources accounts for about 1.9% of Viking Fund Management LLC's investment portfolio, making the stock its 8th biggest position. Viking Fund Management LLC owned 0.11% of Permian Resources worth $11,990,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PR. Simplicity Wealth LLC raised its holdings in Permian Resources by 5.2% in the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company's stock worth $212,000 after purchasing an additional 646 shares during the period. GAMMA Investing LLC grew its stake in shares of Permian Resources by 19.6% in the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company's stock valued at $70,000 after acquiring an additional 716 shares in the last quarter. Azzad Asset Management Inc. ADV increased its holdings in shares of Permian Resources by 2.0% during the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company's stock worth $677,000 after purchasing an additional 740 shares during the period. Mount Yale Investment Advisors LLC raised its stake in Permian Resources by 3.1% in 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 in the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Permian Resources by 0.5% during the 2nd quarter. Larson Financial Group LLC now owns 209,245 shares of the company's stock worth $3,379,000 after acquiring an additional 949 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent research reports. The Goldman Sachs Group initiated coverage on Permian Resources in a research note on Monday, September 30th. They set a "buy" rating and a $19.00 price target on the stock. Wolfe Research initiated coverage on Permian Resources in a report on Thursday, July 18th. They issued a "peer perform" rating on the stock. Benchmark reiterated a "buy" rating and set a $17.00 price target on shares of Permian Resources in a report on Wednesday, August 7th. Truist Financial cut their price objective on Permian Resources from $22.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, September 30th. Finally, BMO Capital Markets upgraded shares of Permian Resources from a "market perform" rating to an "outperform" rating and set a $21.00 price target on the stock in a research note on Wednesday, July 3rd. Two equities research 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $19.20.

Permian Resources Trading Up 0.8 %

NYSE:PR traded up $0.12 during midday trading on Friday, hitting $14.52. The stock had a trading volume of 9,771,751 shares, compared to its average volume of 11,662,006. The company has a market capitalization of $11.65 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 0.85 and a beta of 4.32. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. 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 stock has a 50-day moving average of $14.06 and a 200 day moving average of $15.58.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion for 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 company's quarterly revenue was up 99.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 EPS. As a group, sell-side analysts forecast that Permian Resources Co. will post 1.49 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources's payout ratio is currently 19.20%.

Insider Transactions at Permian Resources

In related news, 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 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the firm'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 $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company's stock, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John Charles Bell sold 4,821 shares of the business'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 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.

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.