HITE Hedge Asset Management LLC Purchases 64,433 Shares of Permian Resources Co. (NYSE:PR)

HITE Hedge Asset Management LLC increased its stake in Permian Resources Co. (NYSE:PR) by 187.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 98,716 shares of the company’s stock after acquiring an additional 64,433 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Permian Resources were worth $1,344,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PR. Tributary Capital Management LLC increased its holdings in Permian Resources by 8,360.8% in the third quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock valued at $699,000 after buying an additional 50,750 shares during the last quarter. South Street Advisors LLC bought a new stake in shares of Permian Resources in the 3rd quarter worth about $7,142,000. Oppenheimer Asset Management Inc. acquired a new position in Permian Resources during the 3rd quarter valued at about $556,000. King Luther Capital Management Corp lifted its stake in Permian Resources by 8.3% during the third quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock valued at $71,241,000 after purchasing an additional 402,515 shares during the last quarter. Finally, Mount Lucas Management LP boosted its position in shares of Permian Resources by 94.8% during the second quarter. Mount Lucas Management LP now owns 98,880 shares of the company’s stock valued at $1,597,000 after buying an additional 48,116 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wells Fargo & Company cut their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Citigroup decreased their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. The Goldman Sachs Group began coverage on Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Mizuho reduced their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, Susquehanna lowered their target price on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Two investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Price Performance

Shares of NYSE PR opened at $15.28 on Tuesday. The business has a 50 day moving average price of $14.45 and a two-hundred day moving average price of $14.89. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market cap of $12.28 billion, a PE ratio of 9.26, a price-to-earnings-growth ratio of 0.94 and a beta of 4.35.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 EPS. Sell-side analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a $0.15 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.93%. Permian Resources’s dividend payout ratio is presently 36.36%.

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.