MQS Management LLC Makes New $262,000 Investment in Permian Resources Co. (NYSE:PR)

MQS Management LLC acquired a new position in Permian Resources Co. (NYSE:PR) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 19,229 shares of the company’s stock, valued at approximately $262,000.

Several other institutional investors have also recently made changes to their positions in PR. Hexagon Capital Partners LLC boosted its holdings in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares in the last quarter. Innealta Capital LLC purchased a new position in shares of Permian Resources in the 2nd quarter valued at about $30,000. Transcendent Capital Group LLC acquired a new position in Permian Resources in the 1st quarter worth about $36,000. UMB Bank n.a. grew its holdings in Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares during the period. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in shares of Permian Resources in the second quarter valued at approximately $40,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 1.3 %

Shares of PR opened at $15.18 on Friday. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28. The firm has a market capitalization of $12.18 billion, a P/E ratio of 9.20, a P/E/G ratio of 0.91 and a beta of 4.34. The firm has a 50-day moving average price of $14.00 and a 200 day moving average price of $15.03. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

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

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is 14.55%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PR. Mizuho dropped their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Truist Financial boosted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. UBS Group decreased their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. The Goldman Sachs Group began coverage on Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 target price for the company. Finally, JPMorgan Chase & Co. decreased their target price on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 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. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.87.

Insider Transactions at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on 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 of the company’s stock, valued at approximately $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 approximately $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

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.