Permian Resources Co. (NYSE:PR) Shares Purchased by SCP Investment LP

SCP Investment LP raised its stake in shares of Permian Resources Co. (NYSE:PR) by 315.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,800 shares of the company’s stock after purchasing an additional 90,200 shares during the quarter. Permian Resources comprises 1.3% of SCP Investment LP’s holdings, making the stock its 13th biggest position. SCP Investment LP’s holdings in Permian Resources were worth $1,708,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources during the 4th quarter worth approximately $431,676,000. Yaupon Capital Management LP increased its stake in shares of Permian Resources by 225.0% in the third quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock worth $51,016,000 after acquiring an additional 2,595,137 shares during the period. Point72 Asset Management L.P. raised its holdings in shares of Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after purchasing an additional 2,023,742 shares during the last quarter. Perpetual Ltd acquired a new position in Permian Resources during the fourth quarter valued at $27,104,000. Finally, Geode Capital Management LLC boosted its holdings in Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after purchasing an additional 1,638,618 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling

In other Permian Resources news, Director William J. Quinn bought 500,000 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was bought at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,446 shares of company stock worth $269,731. Insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PR. Piper Sandler decreased their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Morgan Stanley decreased their price target on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday. Truist Financial raised their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. JPMorgan Chase & Co. decreased their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and raised their price target for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $19.31.

Permian Resources Stock Down 1.6 %

Shares of NYSE PR opened at $13.73 on Friday. The stock has a market cap of $11.03 billion, a PE ratio of 8.32, a P/E/G ratio of 4.05 and a beta of 4.30. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12-month low of $11.84 and a 12-month high of $18.28. The company has a 50-day moving average of $14.14 and a 200 day moving average of $14.36.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.37%. Permian Resources’s payout ratio is 41.96%.

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.