South Street Advisors LLC Makes New Investment in Permian Resources Co. (NYSE:PR)

South Street Advisors LLC purchased a new position in shares of Permian Resources Co. (NYSE:PR) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 524,780 shares of the company’s stock, valued at approximately $7,142,000.

Other hedge funds also recently modified their holdings of the company. Hexagon Capital Partners LLC increased its holdings in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Permian Resources in the second quarter worth about $30,000. Transcendent Capital Group LLC bought a new stake in shares of Permian Resources in the first quarter valued at approximately $36,000. UMB Bank n.a. lifted its stake in shares of Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC bought a new position in Permian Resources in the 2nd quarter worth approximately $40,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE:PR traded down $0.38 during midday trading on Friday, reaching $14.80. 6,612,236 shares of the company were exchanged, compared to its average volume of 10,079,998. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $11.88 billion, a PE ratio of 8.97, a price-to-earnings-growth ratio of 0.91 and a beta of 4.34. The business’s fifty day moving average is $14.03 and its two-hundred day moving average is $15.01. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28.

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

Permian Resources Increases Dividend

The firm 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 dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.05%. 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 payout ratio is 36.36%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Truist Financial upped their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Piper Sandler decreased their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Benchmark cut their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, 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 report on Wednesday, September 18th. 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.87.

Insider Transactions at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the firm’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 $67,170.46. Following 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the business’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 sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their position. 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.