Permian Resources Corporation $PR Shares Acquired by Viking Fund Management LLC

Viking Fund Management LLC increased its stake in Permian Resources Corporation (NYSE:PR) by 9.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 451,000 shares of the company’s stock after acquiring an additional 40,000 shares during the period. Viking Fund Management LLC owned approximately 0.05% of Permian Resources worth $9,525,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PR. SJS Investment Consulting Inc. grew its stake in Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after purchasing an additional 1,341 shares in the last quarter. SHP Wealth Management purchased a new stake in Permian Resources during the 4th quarter worth about $27,000. Cedar Mountain Advisors LLC acquired a new stake in Permian Resources in the 1st quarter valued at about $48,000. Essential Partners LLC raised its position in Permian Resources by 4,400.0% in the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after purchasing an additional 3,168 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Permian Resources in the 1st quarter valued at about $72,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PR shares. Royal Bank Of Canada reissued an “outperform” rating and set a $27.00 price objective on shares of Permian Resources in a research report on Thursday, September 24th. Stifel Nicolaus began coverage on shares of Permian Resources in a research note on Thursday, September 10th. They set a “buy” rating and a $30.00 target price on the stock. KeyCorp raised their target price on shares of Permian Resources from $25.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, September 15th. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the stock a “buy” rating in a research note on Monday, June 22nd. Finally, Seaport Research Partners initiated coverage on shares of Permian Resources in a report on Thursday, September 3rd. They set a “buy” rating and a $29.00 price target for the company. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $25.56.

Permian Resources Stock Down 0.7%

Permian Resources stock opened at $24.10 on Thursday. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $24.65. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a market cap of $20.18 billion, a PE ratio of 15.96 and a beta of 0.66. The stock’s fifty day moving average is $22.63 and its two-hundred day moving average is $20.95.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. Permian Resources’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.28 EPS. On average, sell-side analysts expect that Permian Resources Corporation will post 2.32 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a dividend of $0.16 per share. The ex-dividend date was Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 2.7%. Permian Resources’s payout ratio is presently 42.38%.

Insider Buying and Selling

In other news, EVP John Bell sold 5,492 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the sale, the executive vice president owned 1,561,680 shares in the company, valued at approximately $37,089,900. The trade was a 0.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,196.25. Following the completion of the transaction, the executive vice president owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. The trade was a 0.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,699 shares of company stock worth $372,851 over the last 90 days. 5.00% of the stock is owned by insiders.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.