CoreCap Advisors LLC Takes $477,000 Position in Permian Resources Co. (NASDAQ:PR)

CoreCap Advisors LLC bought a new position in Permian Resources Co. (NASDAQ:PR) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 29,556 shares of the company’s stock, valued at approximately $477,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hardin Capital Partners LLC purchased a new stake in Permian Resources during the second quarter worth approximately $227,000. Federated Hermes Inc. raised its position in Permian Resources by 16.5% in the second quarter. Federated Hermes Inc. now owns 105,338 shares of the company’s stock valued at $1,701,000 after purchasing an additional 14,947 shares during the period. NINE MASTS CAPITAL Ltd acquired a new position in Permian Resources in the 2nd quarter worth $308,000. American Century Companies Inc. lifted its stake in shares of Permian Resources by 5.4% in the second quarter. American Century Companies Inc. now owns 4,856,084 shares of the company’s stock worth $78,426,000 after acquiring an additional 247,733 shares in the last quarter. Finally, SIR Capital Management L.P. boosted its holdings in Permian Resources by 73.6% in the second quarter. SIR Capital Management L.P. now owns 2,598,170 shares of the company’s stock valued at $41,960,000 after purchasing an additional 1,101,300 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on PR. JPMorgan Chase & Co. dropped their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday. Piper Sandler cut their price target on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Wolfe Research began coverage on shares of Permian Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Bank of America restated a “buy” rating and issued a $20.00 target price on shares of Permian Resources in a research note on Friday, June 14th. Finally, Susquehanna decreased their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. 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 company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.71.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, 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 link. In other 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 transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Stock Up 2.4 %

NASDAQ PR opened at $13.47 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market capitalization of $10.81 billion, a P/E ratio of 12.25, a PEG ratio of 0.71 and a beta of 4.33. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The company’s 50 day simple moving average is $14.75 and its 200 day simple moving average is $15.89.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the firm posted $0.27 EPS. The company’s quarterly revenue was up 99.9% on a year-over-year basis. Equities research analysts expect that Permian Resources Co. will post 1.63 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio is 21.82%.

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.