Foundry Partners LLC Makes New Investment in Permian Resources Co. (NASDAQ:PR)

Foundry Partners LLC bought a new position in Permian Resources Co. (NASDAQ:PR) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 23,521 shares of the company’s stock, valued at approximately $320,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC purchased a new stake in Permian Resources in the 3rd quarter worth approximately $76,629,000. Vanguard Group Inc. lifted its position in Permian Resources by 17.1% in the third quarter. Vanguard Group Inc. now owns 28,467,963 shares of the company’s stock worth $397,413,000 after buying an additional 4,148,519 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in Permian Resources in the third quarter worth $54,744,000. KGH Ltd bought a new stake in Permian Resources in the third quarter worth $21,638,000. Finally, Bank of New York Mellon Corp lifted its position in Permian Resources by 68.5% in the third quarter. Bank of New York Mellon Corp now owns 3,506,547 shares of the company’s stock worth $48,951,000 after buying an additional 1,425,212 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Citigroup raised their price target on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Piper Sandler lifted their price target on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday. Stifel Nicolaus boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Mizuho boosted their price target on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Permian Resources Stock Up 0.5 %

PR opened at $17.17 on Tuesday. The stock’s fifty day moving average is $16.45 and its 200-day moving average is $14.60. The company has a market capitalization of $13.25 billion, a PE ratio of 12.94 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources Co. has a one year low of $8.94 and a one year high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. On average, equities analysts predict that Permian Resources Co. will post 1.72 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.16%. Permian Resources’s dividend payout ratio (DPR) is 17.24%.

Insider Activity

In other news, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the sale, the director now directly owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Brent P. Jensen sold 1,853 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the transaction, the director now owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Company insiders own 23.14% of the company’s stock.

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.