RiverPark Advisors LLC Buys 4,019 Shares of Permian Resources Co. (NASDAQ:PR)

RiverPark Advisors LLC grew its stake in shares of Permian Resources Co. (NASDAQ:PR) by 361.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 5,132 shares of the company’s stock after purchasing an additional 4,019 shares during the period. RiverPark Advisors LLC’s holdings in Permian Resources were worth $91,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. Jennison Associates LLC grew its holdings in shares of Permian Resources by 30.4% in the first quarter. Jennison Associates LLC now owns 4,181,257 shares of the company’s stock valued at $73,841,000 after acquiring an additional 973,630 shares in the last quarter. Mutual of America Capital Management LLC lifted its position in shares of Permian Resources by 31.5% during the first quarter. Mutual of America Capital Management LLC now owns 599,039 shares of the company’s stock worth $10,579,000 after acquiring an additional 143,495 shares in the last quarter. FORA Capital LLC purchased a new stake in shares of Permian Resources during the first quarter worth $3,745,000. Fidelis Capital Partners LLC purchased a new stake in shares of Permian Resources during the first quarter worth $227,000. Finally, Janney Montgomery Scott LLC lifted its position in shares of Permian Resources by 38.0% during the first quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company’s stock worth $393,000 after acquiring an additional 6,126 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PR has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. UBS Group raised Permian Resources from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $21.00 in a research note on Friday, June 14th. Mizuho increased their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Raymond James initiated coverage on shares of Permian Resources in a report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 target price for the company. Finally, Susquehanna raised their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $20.36.

Insiders Place Their Bets

In other news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the sale, the director now directly owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of PR traded down $0.19 during trading hours on Tuesday, reaching $16.01. 6,287,187 shares of the stock traded hands, compared to its average volume of 10,113,573. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. Permian Resources Co. has a 52-week low of $10.59 and a 52-week high of $18.28. The company’s 50-day moving average price is $16.07 and its two-hundred day moving average price is $15.58. The company has a market cap of $12.33 billion, a P/E ratio of 14.55, a price-to-earnings-growth ratio of 0.63 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. On average, analysts anticipate that Permian Resources Co. will post 1.78 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were paid a $0.06 dividend. The ex-dividend date was Monday, May 20th. This represents a $0.24 annualized dividend and a yield of 1.50%. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s payout ratio is presently 21.82%.

Permian Resources 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.