Permian Resources Co. (NYSE:PR) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. lifted its position in shares of Permian Resources Co. (NYSE:PR) by 4.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,923,785 shares of the company’s stock after buying an additional 74,432 shares during the quarter. Victory Capital Management Inc. owned approximately 0.24% of Permian Resources worth $26,183,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PR. Sumitomo Mitsui Trust Group Inc. acquired a new position in Permian Resources during the third quarter worth about $633,000. GSA Capital Partners LLP acquired a new stake in Permian Resources during the 3rd quarter valued at $1,134,000. Entropy Technologies LP raised its holdings in shares of Permian Resources by 46.3% in the third quarter. Entropy Technologies LP now owns 103,289 shares of the company’s stock worth $1,406,000 after acquiring an additional 32,686 shares during the last quarter. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Permian Resources in the third quarter valued at $220,000. Finally, TimesSquare Capital Management LLC boosted its stake in shares of Permian Resources by 25.1% during the third quarter. TimesSquare Capital Management LLC now owns 3,939,985 shares of the company’s stock valued at $53,623,000 after acquiring an additional 791,005 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 7.28 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources Trading Down 2.5 %

NYSE PR opened at $14.80 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The company’s 50 day moving average price is $14.03 and its 200 day moving average price is $14.99. The firm has a market capitalization of $11.88 billion, a price-to-earnings ratio of 8.97, a PEG ratio of 0.89 and a beta of 4.34.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share 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 business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was up 60.3% on a year-over-year basis. On average, sell-side analysts predict that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be given a $0.15 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.05%. Permian Resources’s dividend payout ratio is presently 36.36%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PR shares. Truist Financial upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. JPMorgan Chase & Co. cut their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Benchmark reduced their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Citigroup dropped their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Piper Sandler decreased their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $18.87.

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.