Saxon Interests Inc. Acquires New Holdings in Permian Resources Co. (NASDAQ:PR)

Saxon Interests Inc. acquired a new stake in shares of Permian Resources Co. (NASDAQ:PR) during the first quarter, HoldingsChannel reports. The firm acquired 13,015 shares of the company’s stock, valued at approximately $230,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. EnCap Energy Capital Fund XI L.P. bought a new stake in Permian Resources in the fourth quarter worth about $353,683,000. Vanguard Group Inc. raised its holdings in Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares during the period. OnyxPoint Global Management LP acquired a new stake in Permian Resources during the 4th quarter worth about $114,159,000. Massachusetts Financial Services Co. MA raised its holdings in Permian Resources by 96.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after buying an additional 6,464,093 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new stake in Permian Resources during the 4th quarter worth about $45,847,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

Shares of NASDAQ PR opened at $16.32 on Wednesday. The business has a fifty day simple moving average of $16.16 and a 200 day simple moving average of $15.47. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $12.57 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 0.63 and a beta of 4.37. Permian Resources Co. has a one year low of $10.31 and a one year high of $18.28.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. Sell-side analysts expect that Permian Resources Co. will post 1.78 EPS for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.47%. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, May 20th. Permian Resources’s dividend payout ratio is 21.82%.

Wall Street Analyst Weigh In

Several analysts have issued reports on PR shares. JPMorgan Chase & Co. boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research note on Tuesday, April 23rd. Piper Sandler lifted their target price on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Wells Fargo & Company lifted their target price on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $20.36.

Insider Buying and Selling at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the sale, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company 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.