AXQ Capital LP Acquires 10,614 Shares of Permian Resources Corporation $PR

AXQ Capital LP increased its holdings in shares of Permian Resources Corporation (NYSE:PR) by 79.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 23,997 shares of the company’s stock after acquiring an additional 10,614 shares during the period. AXQ Capital LP’s holdings in Permian Resources were worth $327,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in Permian Resources by 86.8% in the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after purchasing an additional 11,133,354 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Permian Resources by 19.4% in the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock worth $195,276,000 after purchasing an additional 2,286,363 shares during the last quarter. Nuveen LLC bought a new position in shares of Permian Resources in the first quarter worth about $175,525,000. Boston Partners purchased a new position in Permian Resources in the 2nd quarter worth about $134,119,000. Finally, Invesco Ltd. lifted its holdings in Permian Resources by 8.9% during the 1st quarter. Invesco Ltd. now owns 8,622,575 shares of the company’s stock valued at $119,423,000 after buying an additional 701,825 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 0.5%

PR opened at $14.00 on Tuesday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. The firm has a market cap of $11.61 billion, a price-to-earnings ratio of 12.84 and a beta of 1.31. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. The stock has a fifty day moving average price of $12.97 and a 200-day moving average price of $13.46.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm posted $0.53 earnings per share. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.3%. Permian Resources’s dividend payout ratio is presently 55.05%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a research note on Monday, November 17th. Royal Bank Of Canada increased their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. Raymond James Financial decreased their target price on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a research report on Tuesday, September 2nd. Mizuho lowered their target price on Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Finally, Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.80.

Insider Activity at Permian Resources

In other news, EVP Robert Regan Shannon sold 4,742 shares of the firm’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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. This trade represents a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 12.80% of the stock is owned by company insiders.

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.