Quantbot Technologies LP Increases Stake in Permian Resources Co. (NASDAQ:PR)

Quantbot Technologies LP boosted its stake in Permian Resources Co. (NASDAQ:PR) by 54.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 558,579 shares of the company’s stock after purchasing an additional 196,542 shares during the quarter. Permian Resources comprises 0.4% of Quantbot Technologies LP’s portfolio, making the stock its 27th largest position. Quantbot Technologies LP owned about 0.07% of Permian Resources worth $9,021,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Permian Resources by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after purchasing an additional 5,432,654 shares during the period. Massachusetts Financial Services Co. MA lifted its position in Permian Resources by 9.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after buying an additional 1,471,833 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after buying an additional 4,497,184 shares during the period. OnyxPoint Global Management LP acquired a new stake in shares of Permian Resources in the fourth quarter worth $114,159,000. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Permian Resources by 480.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock valued at $106,924,000 after acquiring an additional 5,012,287 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Activity at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, 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 completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction 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 disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on PR. Piper Sandler cut their price objective on Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Citigroup dropped their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Wolfe Research started coverage on Permian Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial increased their price objective on shares of Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $20.00 target price on shares of Permian Resources in a research report on Monday, August 12th. Two equities research analysts have 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. Based on data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $19.71.

Permian Resources Stock Up 2.5 %

Shares of Permian Resources stock opened at $13.49 on Monday. The business has a 50-day moving average price of $14.75 and a 200 day moving average price of $15.90. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The firm has a market cap of $10.39 billion, a P/E ratio of 12.26, a P/E/G ratio of 0.71 and a beta of 4.33. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40.

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

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

About Permian Resources

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.