GAMMA Investing LLC Acquires 2,348 Shares of Permian Resources Co. (NYSE:PR)

GAMMA Investing LLC increased its holdings in shares of Permian Resources Co. (NYSE:PR) by 57.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,406 shares of the company’s stock after buying an additional 2,348 shares during the quarter. GAMMA Investing LLC’s holdings in Permian Resources were worth $92,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp lifted its position in shares of Permian Resources by 6.1% during the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after buying an additional 1,263,460 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after buying an additional 1,543,854 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after buying an additional 1,638,618 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after buying an additional 1,555,884 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Permian Resources by 14.5% in the third quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after purchasing an additional 966,940 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Trading Up 1.1 %

NYSE PR opened at $15.15 on Friday. The business has a 50 day simple moving average of $14.79 and a 200 day simple moving average of $14.66. Permian Resources Co. has a one year low of $12.59 and a one year high of $18.28. The stock has a market capitalization of $12.17 billion, a P/E ratio of 9.18, a P/E/G ratio of 0.88 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.96%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insider Buying and Selling

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 12.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PR has been the subject of several research reports. Mizuho dropped their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. UBS Group dropped their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. The Goldman Sachs Group initiated coverage on Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Finally, Truist Financial increased their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.88.

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.