Distillate Capital Partners LLC Invests $15.41 Million in Permian Resources Co. (NASDAQ:PR)

Distillate Capital Partners LLC acquired a new stake in shares of Permian Resources Co. (NASDAQ:PR) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 954,387 shares of the company’s stock, valued at approximately $15,413,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC boosted its holdings in Permian Resources by 159.7% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 27,475 shares of the company’s stock valued at $374,000 after purchasing an additional 16,896 shares during the last quarter. D.A. Davidson & CO. purchased a new stake in Permian Resources in the fourth quarter valued at $136,000. 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 worth $4,783,000 after purchasing an additional 149,851 shares during the period. Orion Portfolio Solutions LLC increased its position in shares of Permian Resources by 113.7% during the fourth quarter. Orion Portfolio Solutions LLC now owns 134,246 shares of the company’s stock valued at $1,802,000 after acquiring an additional 71,430 shares during the last quarter. Finally, Cape Investment Advisory Inc. acquired a new stake in Permian Resources in the 4th quarter valued at approximately $102,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

PR stock opened at $14.19 on Tuesday. The firm has a 50 day moving average of $14.46 and a 200-day moving average of $15.83. The company has a market cap of $10.93 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 0.77 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 12-month low of $12.34 and a 12-month high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly 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 return on equity of 11.91% and a net margin of 15.62%. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter last year, the business posted $0.27 earnings per share. The business’s revenue for the quarter was up 99.9% on a year-over-year basis. As a group, equities analysts expect that Permian Resources Co. will post 1.57 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s payout ratio is 21.82%.

Insiders Place Their Bets

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the 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 transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the firm’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 owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PR shares. Citigroup cut their target price on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. cut their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Permian Resources in a report on Monday, August 12th. Benchmark restated a “buy” rating and set a $17.00 price objective on shares of Permian Resources in a research report on Wednesday, August 7th. Finally, Wolfe Research initiated coverage on shares of Permian Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Two research 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 stock. According to data from MarketBeat.com, the company has a consensus 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.