Tidal Investments LLC Lowers Stock Position in Permian Resources Co. (NYSE:PR)

Tidal Investments LLC decreased its holdings in Permian Resources Co. (NYSE:PR) by 76.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,142 shares of the company’s stock after selling 66,965 shares during the quarter. Tidal Investments LLC’s holdings in Permian Resources were worth $274,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Tributary Capital Management LLC raised its holdings in shares of 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. Point72 Asset Management L.P. increased its position in Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after acquiring an additional 2,023,742 shares during the period. South Street Advisors LLC purchased a new stake in Permian Resources during the 3rd quarter valued at approximately $7,142,000. Oppenheimer Asset Management Inc. acquired a new stake in Permian Resources during the 3rd quarter worth approximately $556,000. Finally, King Luther Capital Management Corp grew its stake in shares of Permian Resources by 8.3% in the 3rd 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. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

Permian Resources stock opened at $13.95 on Wednesday. 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’s 50-day simple moving average is $14.59 and its 200 day simple moving average is $14.74. Permian Resources Co. has a 52 week low of $12.59 and a 52 week high of $18.28. The firm has a market capitalization of $11.21 billion, a PE ratio of 8.45, a P/E/G ratio of 0.88 and a beta of 4.35.

Permian Resources (NYSE:PR) last released 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 business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the business earned $0.36 earnings per share. The company’s quarterly revenue was up 60.3% on a year-over-year basis. On average, equities research analysts predict that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.30%. 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. Permian Resources’s payout ratio is 36.36%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. UBS Group cut their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Benchmark lowered their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Truist Financial boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Wells Fargo & Company lowered their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. cut their target price on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, thirteen have given 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 $18.87.

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.