GAMMA Investing LLC Buys New Position in Permian Resources Co. (NASDAQ:PR)

GAMMA Investing LLC purchased a new stake in Permian Resources Co. (NASDAQ:PR) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,174 shares of the company’s stock, valued at approximately $43,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale bought a new stake in Permian Resources in the 4th quarter valued at about $33,000. Clearstead Advisors LLC acquired a new position in shares of Permian Resources during the third quarter worth approximately $45,000. Optimum Investment Advisors acquired a new position in shares of Permian Resources during the fourth quarter worth approximately $50,000. Fifth Third Bancorp lifted its holdings in shares of Permian Resources by 1,290.7% in the 4th quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after purchasing an additional 3,872 shares in the last quarter. Finally, Tucker Asset Management LLC acquired a new stake in Permian Resources in the 3rd quarter valued at $60,000. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PR shares. Stifel Nicolaus raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Wells Fargo & Company lifted their price target on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Benchmark reissued a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. raised their target price on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Finally, Truist Financial upped their price target on Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.31.

Insiders Place Their Bets

In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $15,710,000.00. Following the completion of the sale, the director now directly owns 476,306 shares of the company’s stock, valued at $7,482,767.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Robert John Anderson sold 1,000,000 shares of Permian Resources stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $15,710,000.00. Following the completion of the transaction, the director now directly owns 476,306 shares in the company, valued at $7,482,767.26. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last ninety days. 12.80% of the stock is currently owned by insiders.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $16.93 on Friday. The business’s fifty day simple moving average is $16.86 and its 200 day simple moving average is $14.76. The firm has a market capitalization of $13.07 billion, a P/E ratio of 12.67 and a beta of 4.32. Permian Resources Co. has a 12 month low of $8.94 and a 12 month high of $18.28. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. As a group, analysts anticipate that Permian Resources Co. will post 1.66 EPS for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources’s dividend payout ratio is currently 17.24%.

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.