Callahan Advisors LLC Acquires 3,000 Shares of Permian Resources Co. (NYSE:PR)

Callahan Advisors LLC boosted its holdings in shares of Permian Resources Co. (NYSE:PR) by 25.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,674 shares of the company’s stock after purchasing an additional 3,000 shares during the period. Callahan Advisors LLC’s holdings in Permian Resources were worth $200,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after buying an additional 5,432,654 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Permian Resources by 480.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after buying an additional 5,012,287 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of 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 in the last quarter. Merewether Investment Management LP increased its holdings in shares of Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after buying an additional 3,522,300 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of Permian Resources by 16,359.8% during the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after buying an additional 3,451,923 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

PR has been the subject of several recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Truist Financial lowered their price target on shares of Permian Resources from $22.00 to $18.00 and set a “buy” rating for the company in a report on Monday, September 30th. Susquehanna lowered their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price target on shares of 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.73.

Insider Transactions at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on 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 directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction on 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 sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of PR stock opened at $13.88 on Wednesday. The firm’s 50 day moving average price is $13.87 and its two-hundred day moving average price is $15.13. The stock has a market cap of $11.14 billion, a PE ratio of 11.10, a PEG ratio of 0.83 and a beta of 4.34. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. As a group, analysts forecast that Permian Resources Co. will post 1.46 EPS for the current year.

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.