Quantinno Capital Management LP Acquires 153,339 Shares of Permian Resources Corporation $PR

Quantinno Capital Management LP raised its holdings in shares of Permian Resources Corporation (NYSE:PR) by 117.3% during the 1st quarter, HoldingsChannel reports. The fund owned 284,094 shares of the company’s stock after acquiring an additional 153,339 shares during the quarter. Quantinno Capital Management LP’s holdings in Permian Resources were worth $6,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Evercore initiated coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price objective for the company. Roth Capital set a $23.00 price objective on shares of Permian Resources and gave the company a “buy” rating in a research report on Monday, June 22nd. Citigroup lowered their target price on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Finally, Morgan Stanley dropped 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. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $23.29.

Permian Resources Stock Performance

NYSE PR opened at $19.83 on Thursday. The stock has a market capitalization of $16.60 billion, a PE ratio of 23.05 and a beta of 0.48. The business has a 50 day simple moving average of $19.53 and a two-hundred day simple moving average of $19.17. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 EPS. On average, research analysts predict that Permian Resources Corporation will post 1.94 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 3.2%. Permian Resources’s dividend payout ratio (DPR) is 74.42%.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.00% of the stock is owned by insiders.

About Permian Resources

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.