GF Fund Management CO. LTD. Acquires New Shares in Permian Resources Co. (NYSE:PR)

GF Fund Management CO. LTD. acquired a new position in Permian Resources Co. (NYSE:PR) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 193,471 shares of the company’s stock, valued at approximately $2,782,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC bought a new stake in shares of Permian Resources in the 4th quarter valued at about $632,000. Charles Schwab Investment Management Inc. increased its holdings in Permian Resources by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock valued at $62,407,000 after buying an additional 176,320 shares during the period. New York State Teachers Retirement System raised its stake in Permian Resources by 36.9% in the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock worth $3,881,000 after buying an additional 72,726 shares in the last quarter. Channing Capital Management LLC lifted its holdings in Permian Resources by 286.1% during the fourth quarter. Channing Capital Management LLC now owns 620,138 shares of the company’s stock worth $8,918,000 after buying an additional 459,516 shares during the period. Finally, M&T Bank Corp boosted its position in Permian Resources by 60.9% during the 4th quarter. M&T Bank Corp now owns 53,742 shares of the company’s stock valued at $773,000 after acquiring an additional 20,340 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

Shares of PR stock opened at $12.71 on Friday. The business has a fifty day moving average of $12.55 and a 200 day moving average of $13.87. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $16.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of 7.70, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the business earned $0.25 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, research analysts expect that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.72%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources’s payout ratio is 37.04%.

Analyst Ratings Changes

PR has been the subject of several recent research reports. Morgan Stanley reduced their price target on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Piper Sandler decreased their price target on shares of Permian Resources from $20.00 to $19.00 and set an “overweight” rating for the company in a research report on Tuesday, May 13th. The Goldman Sachs Group raised their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday, May 16th. Bank of America boosted their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Raymond James restated a “strong-buy” rating and issued a $23.00 target price (up from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.56.

Insider Buying and Selling at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. The trade was a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J. Quinn purchased 500,000 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the transaction, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 9,685 shares of company stock worth $135,687. Company insiders own 6.44% of the company’s stock.

About Permian Resources

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.