Empowered Funds LLC Invests $2.66 Million in Permian Resources Co. (NYSE:PR)

Empowered Funds LLC purchased a new position in shares of Permian Resources Co. (NYSE:PR) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 195,144 shares of the company’s stock, valued at approximately $2,656,000.

Other large investors have also recently added to or reduced their stakes in the company. American International Group Inc. grew its stake in Permian Resources by 10.4% in the 1st quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after acquiring an additional 78,146 shares during the last quarter. Castleark Management LLC grew its stake in Permian Resources by 370.0% in the 1st quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock valued at $1,698,000 after acquiring an additional 75,700 shares during the last quarter. California State Teachers Retirement System grew its stake in Permian Resources by 11.2% in the 1st quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock valued at $7,693,000 after acquiring an additional 43,901 shares during the last quarter. Janus Henderson Group PLC grew its stake in Permian Resources by 88.3% in the 1st quarter. Janus Henderson Group PLC now owns 330,382 shares of the company’s stock valued at $5,833,000 after acquiring an additional 154,907 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its stake in Permian Resources by 47.2% in the 1st quarter. 1832 Asset Management L.P. now owns 1,322,381 shares of the company’s stock valued at $23,353,000 after acquiring an additional 423,824 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP John Charles Bell sold 4,821 shares of Permian Resources 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 sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The trade was a 7.28 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources Trading Down 0.2 %

NYSE PR opened at $15.13 on Wednesday. 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 $14.12 and its 200 day moving average price is $14.97. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a market capitalization of $12.15 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 0.89 and a beta of 4.34.

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

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be issued a $0.15 dividend. This is a positive change 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 yield of 3.97%. Permian Resources’s dividend payout ratio (DPR) is presently 36.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Susquehanna lowered their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Mizuho decreased their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Piper Sandler raised their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Monday. Benchmark decreased their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.93.

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.