King Luther Capital Management Corp Increases Stock Position in Permian Resources Co. (NYSE:PR)

King Luther Capital Management Corp grew its stake in shares of Permian Resources Co. (NYSE:PR) by 8.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,234,447 shares of the company’s stock after buying an additional 402,515 shares during the period. King Luther Capital Management Corp owned 0.65% of Permian Resources worth $71,241,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Innealta Capital LLC acquired a new position in shares of Permian Resources during the 2nd quarter valued at $30,000. Hexagon Capital Partners LLC lifted its holdings in shares of Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after acquiring an additional 1,998 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Permian Resources during the 1st quarter valued at $36,000. Gilliland Jeter Wealth Management LLC acquired a new position in shares of Permian Resources during the 2nd quarter valued at $40,000. Finally, UMB Bank n.a. lifted its holdings in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE:PR opened at $15.45 on Thursday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. 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 50-day simple moving average of $14.17 and a 200 day simple moving average of $14.97. The company has a market cap of $12.41 billion, a PE ratio of 9.36, a P/E/G ratio of 0.91 and a beta of 4.34.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating 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 in the prior year, the firm earned $0.36 EPS. The company’s revenue for the quarter was up 60.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be given a $0.15 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.88%. Permian Resources’s dividend payout ratio is 36.36%.

Analyst Ratings Changes

A number of equities analysts have commented on PR shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. JPMorgan Chase & Co. cut their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Mizuho cut their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. 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 objective on the stock. Finally, Citigroup cut their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two investment 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.

Insiders Place Their Bets

In other Permian Resources 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 value of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s 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 transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

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.