Permian Resources Co. (NYSE:PR) Shares Purchased by Entropy Technologies LP

Entropy Technologies LP grew its position in shares of Permian Resources Co. (NYSE:PR) by 46.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 103,289 shares of the company’s stock after acquiring an additional 32,686 shares during the quarter. Entropy Technologies LP’s holdings in Permian Resources were worth $1,406,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PR. Vanguard Group Inc. increased its position in Permian Resources by 11.2% during the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after purchasing an additional 5,432,654 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Permian Resources by 9.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after acquiring an additional 1,471,833 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after acquiring an additional 4,497,184 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after acquiring an additional 1,555,884 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Permian Resources by 480.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after purchasing an additional 5,012,287 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $15.19 on Wednesday. The firm has a market cap of $12.19 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 0.90 and a beta of 4.34. Permian Resources Co. has a 1 year low of $12.34 and a 1 year high of $18.28. The firm’s 50-day simple moving average is $13.94 and its 200-day simple moving average is $15.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

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

Permian Resources Increases Dividend

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

Insider Buying and Selling at Permian Resources

In other news, EVP John Charles Bell sold 4,821 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 value of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Robert Regan Shannon sold 4,822 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 $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the firm’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 $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on PR shares. Wells Fargo & Company reduced their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. UBS Group dropped their price objective 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 started coverage on shares of Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and a consensus target price of $18.87.

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.