524,780 Shares in Permian Resources Co. (NYSE:PR) Bought by South Street Advisors LLC

South Street Advisors LLC purchased a new stake in Permian Resources Co. (NYSE:PR) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 524,780 shares of the company’s stock, valued at approximately $7,142,000. South Street Advisors LLC owned approximately 0.07% of Permian Resources at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted 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 buying an additional 5,432,654 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Permian Resources by 9.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after purchasing an additional 1,471,833 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Renaissance Technologies LLC increased its position 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 worth $147,107,000 after purchasing an additional 1,555,884 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of 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 in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Trading Down 2.5 %

Shares of Permian Resources stock traded down $0.38 on Friday, hitting $14.80. The stock had a trading volume of 6,612,236 shares, compared to its average volume of 10,079,998. The stock has a 50 day moving average of $14.03 and a 200 day moving average of $15.01. 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 Co. has a twelve month low of $12.34 and a twelve month high of $18.28. The firm has a market capitalization of $11.88 billion, a P/E ratio of 8.97, a PEG ratio of 0.91 and a beta of 4.34.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share 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 earnings per share. Permian Resources’s quarterly revenue was up 60.3% on a year-over-year basis. Sell-side analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be paid a dividend of $0.15 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date is Thursday, November 14th. Permian Resources’s dividend payout ratio is 36.36%.

Insiders Place Their Bets

In related 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 sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 5.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Robert Regan Shannon sold 4,822 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 $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

PR has been the subject of several research analyst reports. The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 target price for the company. Citigroup dropped their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. JPMorgan Chase & Co. dropped their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Susquehanna dropped their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.