Permian Resources Corporation $PR Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC increased its stake in shares of Permian Resources Corporation (NYSE:PR) by 60.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 10,685 shares of the company’s stock after acquiring an additional 4,023 shares during the period. GAMMA Investing LLC’s holdings in Permian Resources were worth $146,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PR. Wellington Management Group LLP lifted its position in Permian Resources by 1,435.0% during the 4th quarter. Wellington Management Group LLP now owns 650,900 shares of the company’s stock worth $9,360,000 after acquiring an additional 608,496 shares in the last quarter. Rhumbline Advisers raised its position in shares of Permian Resources by 0.8% in the 1st quarter. Rhumbline Advisers now owns 1,695,582 shares of the company’s stock valued at $23,484,000 after purchasing an additional 13,560 shares in the last quarter. NBC Securities Inc. raised its position in shares of Permian Resources by 100,064.2% in the 1st quarter. NBC Securities Inc. now owns 53,087 shares of the company’s stock valued at $735,000 after purchasing an additional 53,034 shares in the last quarter. Viking Fund Management LLC raised its position in shares of Permian Resources by 5.1% in the 1st quarter. Viking Fund Management LLC now owns 821,000 shares of the company’s stock valued at $11,371,000 after purchasing an additional 40,000 shares in the last quarter. Finally, L. Roy Papp & Associates LLP raised its position in shares of Permian Resources by 2.8% in the 1st quarter. L. Roy Papp & Associates LLP now owns 58,123 shares of the company’s stock valued at $805,000 after purchasing an additional 1,583 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of PR opened at $13.02 on Tuesday. The company has a market cap of $10.42 billion, a P/E ratio of 8.45 and a beta of 1.42. The stock has a fifty day moving average price of $13.71 and a 200 day moving average price of $13.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting analysts’ consensus estimates of $0.27. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm’s revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.39 EPS. On average, research analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Tuesday, September 16th. Permian Resources’s dividend payout ratio is presently 38.96%.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the transaction, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This trade represents a 4.91% decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Susquehanna upped their target price on Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a research report on Wednesday, July 23rd. Wells Fargo & Company upped their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, August 13th. Raymond James Financial cut their target price on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, September 2nd. Scotiabank assumed coverage on Permian Resources in a research report on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 target price on the stock. Finally, Piper Sandler upped their target price on Permian Resources from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Permian Resources has a consensus rating of “Buy” and a consensus price target of $18.63.

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.