Inceptionr LLC Takes Position in Permian Resources Corporation $PR

Inceptionr LLC purchased a new position in Permian Resources Corporation (NYSE:PR) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 60,854 shares of the company’s stock, valued at approximately $1,297,000.

Other hedge funds have also recently bought and sold shares of the company. SHP Wealth Management purchased a new stake in Permian Resources during the fourth quarter worth $27,000. SJS Investment Consulting Inc. increased its position in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after buying an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Permian Resources in the fourth quarter valued at $39,000. State of Wyoming raised its stake in shares of Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after buying an additional 1,640 shares during the last quarter. Finally, Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources during the 1st quarter worth $48,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the sale, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 5.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PR. Citigroup decreased their price objective on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Morgan Stanley cut their target price on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Wells Fargo & Company set a $26.00 price target on shares of Permian Resources in a report on Monday, May 25th. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the company a “buy” rating in a report on Monday, June 22nd. Finally, Scotiabank increased their price target on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $23.29.

Permian Resources Stock Down 0.2%

Shares of NYSE:PR opened at $21.35 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67. The stock’s fifty day simple moving average is $19.50 and its 200-day simple moving average is $18.75. The company has a market capitalization of $17.88 billion, a P/E ratio of 24.83 and a beta of 0.46.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the company earned $0.44 earnings per share. The business’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, equities research analysts forecast that Permian Resources Corporation will post 1.94 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

Permian Resources Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.