Ovata Capital Management Ltd Buys Shares of 100,000 Permian Resources Co. (NASDAQ:PR)

Ovata Capital Management Ltd acquired a new position in Permian Resources Co. (NASDAQ:PR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 100,000 shares of the company’s stock, valued at approximately $1,615,000. Permian Resources comprises about 0.9% of Ovata Capital Management Ltd’s portfolio, making the stock its 23rd biggest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new position in shares of Permian Resources in the first quarter worth $25,000. YHB Investment Advisors Inc. bought a new position in Permian Resources in the 1st quarter worth about $26,000. Parallel Advisors LLC grew its holdings in Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after buying an additional 1,178 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Permian Resources during the second quarter valued at about $30,000. Finally, Rise Advisors LLC purchased a new stake in shares of Permian Resources in the first quarter worth about $32,000. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Truist Financial increased their price objective on Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a research report on Monday, August 12th. Piper Sandler decreased their price objective on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. UBS Group lowered their target price on shares of Permian Resources from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Wolfe Research started coverage on shares of Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.93.

Permian Resources Price Performance

PR stock opened at $13.48 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. Permian Resources Co. has a 1 year low of $12.34 and a 1 year high of $18.28. The firm has a 50-day moving average of $15.14 and a 200 day moving average of $15.96. The company has a market cap of $10.82 billion, a P/E ratio of 12.25, a PEG ratio of 0.77 and a beta of 4.33.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the prior year, the firm earned $0.27 earnings per share. The firm’s revenue for the quarter was up 99.9% on a year-over-year basis. On average, sell-side analysts forecast that Permian Resources Co. will post 1.63 EPS for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.78%. Permian Resources’s dividend payout ratio is currently 21.82%.

Insider Activity

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

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.