Oliver Luxxe Assets LLC Boosts Stock Holdings in Permian Resources Co. (NYSE:PR)

Oliver Luxxe Assets LLC lifted its position in shares of Permian Resources Co. (NYSE:PR) by 19.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 176,892 shares of the company’s stock after acquiring an additional 28,436 shares during the period. Oliver Luxxe Assets LLC’s holdings in Permian Resources were worth $2,544,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Merewether Investment Management LP raised its stake in shares of Permian Resources by 148.1% in the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after purchasing an additional 3,522,300 shares during the last quarter. Point72 Asset Management L.P. raised its position in Permian Resources by 16,359.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after buying an additional 3,451,923 shares during the last quarter. Yaupon Capital Management LP lifted its stake in Permian Resources by 225.0% during the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock valued at $51,016,000 after acquiring an additional 2,595,137 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after acquiring an additional 1,638,618 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after acquiring an additional 1,555,884 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Truist Financial upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. Piper Sandler lowered their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Wells Fargo & Company reduced their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Finally, Mizuho dropped their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.87.

Permian Resources Price Performance

Permian Resources stock traded down $0.26 during trading on Monday, reaching $14.88. The company had a trading volume of 4,297,011 shares, compared to its average volume of 6,603,324. The firm’s 50-day simple moving average is $14.65 and its 200 day simple moving average is $14.67. Permian Resources Co. has a 1-year low of $12.59 and a 1-year high of $18.28. The firm has a market capitalization of $11.95 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 0.88 and a beta of 4.32. 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 issued its earnings results 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 company had revenue of $1.22 billion during 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%. The firm’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 EPS. As a group, equities research analysts anticipate 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 was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a $0.15 dividend. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.03%. Permian Resources’s dividend payout ratio (DPR) is presently 36.36%.

Permian Resources Company 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.