Quarry LP Buys 3,991 Shares of Permian Resources Co. (NYSE:PR)

Quarry LP boosted its position in shares of Permian Resources Co. (NYSE:PR) by 545.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,723 shares of the company’s stock after acquiring an additional 3,991 shares during the period. Quarry LP’s holdings in Permian Resources were worth $64,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tributary Capital Management LLC lifted its position in shares of Permian Resources by 8,360.8% in the third quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock valued at $699,000 after acquiring an additional 50,750 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after purchasing an additional 2,023,742 shares during the period. South Street Advisors LLC purchased a new position in Permian Resources in the 3rd quarter worth approximately $7,142,000. Oppenheimer Asset Management Inc. bought a new position in Permian Resources in the 3rd quarter worth approximately $556,000. Finally, King Luther Capital Management Corp grew its holdings in Permian Resources by 8.3% during the 3rd quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock valued at $71,241,000 after buying an additional 402,515 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group began coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 target price for the company. Wells Fargo & Company dropped their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Mizuho reduced their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Susquehanna decreased their target price on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. cut their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Stock Up 0.8 %

Shares of PR opened at $14.79 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The business has a fifty day moving average of $14.62 and a 200 day moving average of $14.85. The company has a market cap of $11.88 billion, a PE ratio of 8.96, a P/E/G ratio of 0.88 and a beta of 4.35. Permian Resources Co. has a 52-week low of $12.47 and a 52-week high of $18.28.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business’s revenue was up 60.3% on a year-over-year basis. During the same quarter last year, the business earned $0.36 EPS. On average, sell-side analysts expect that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.06%. The ex-dividend date of this dividend was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 36.36%.

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.