Tributary Capital Management LLC Has $1.22 Million Stake in Permian Resources Co. (NYSE:PR)

Tributary Capital Management LLC boosted its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 65.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,805 shares of the company's stock after purchasing an additional 33,448 shares during the period. Tributary Capital Management LLC's holdings in Permian Resources were worth $1,219,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wright Investors Service Inc. bought a new position in Permian Resources in the fourth quarter valued at approximately $498,000. Point72 Asset Management L.P. boosted its holdings in shares of Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock valued at $74,811,000 after buying an additional 2,023,742 shares during the last quarter. South Street Advisors LLC bought a new position in shares of Permian Resources in the third quarter valued at $7,142,000. Oppenheimer Asset Management Inc. acquired a new position in Permian Resources during the third quarter worth $556,000. Finally, King Luther Capital Management Corp lifted its stake in Permian Resources by 8.3% in 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 acquiring an additional 402,515 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PR. Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 17th. Wells Fargo & Company lowered their price target on Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a research report on Tuesday, October 1st. Truist Financial upped their price objective on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. The Goldman Sachs Group began coverage on Permian Resources in a research note on Monday, September 30th. They set a "buy" rating and a $19.00 target price for the company. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. Two analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $19.06.

Insider Buying and Selling at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the company's stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.80% of the company's stock.

Permian Resources Price Performance

Shares of PR traded down $0.36 during trading hours on Friday, hitting $15.23. 8,530,427 shares of the company were exchanged, compared to its average volume of 6,178,636. The company has a market cap of $12.23 billion, a price-to-earnings ratio of 9.23, a P/E/G ratio of 4.60 and a beta of 4.32. The firm's fifty day moving average is $14.97 and its 200 day moving average is $14.62. Permian Resources Co. has a fifty-two week low of $12.59 and a fifty-two week high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the firm earned $0.36 EPS. The business's quarterly revenue was up 60.3% compared to the same quarter last year. On average, equities analysts anticipate that Permian Resources Co. will post 1.44 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 3.94%. Permian Resources's dividend payout ratio is presently 36.36%.

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.