Permian Resources Corporation $PR Shares Newly Acquired by Encompass More Asset Management

Encompass More Asset Management bought a new position in Permian Resources Corporation (NYSE:PR) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 27,137 shares of the company’s stock, valued at approximately $573,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in Permian Resources by 3.9% during the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after buying an additional 763,059 shares in the last quarter. Jennison Associates LLC increased its stake in Permian Resources by 63.1% in the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock worth $132,824,000 after acquiring an additional 2,411,292 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Permian Resources in the 1st quarter worth approximately $121,041,000. First Trust Advisors LP increased its stake in Permian Resources by 66.6% in the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after acquiring an additional 2,224,560 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after acquiring an additional 85,509 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PR. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $27.00 price objective on shares of Permian Resources in a report on Thursday, September 24th. Roth Capital set a $23.00 target price on shares of Permian Resources and gave the company a “buy” rating in a report on Monday, June 22nd. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Friday, July 31st. Seaport Research Partners initiated coverage on shares of Permian Resources in a research report on Thursday, September 3rd. They issued a “buy” rating and a $29.00 price target on the stock. Finally, Stifel Nicolaus initiated coverage on shares of Permian Resources in a research note on Thursday, September 10th. They set a “buy” rating and a $30.00 price target on the stock. Five research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $25.72.

Insider Buying and Selling at Permian Resources

In other news, EVP Robert Shannon sold 5,104 shares of Permian Resources stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the transaction, the executive vice president owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, 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 value of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at approximately $37,089,900. This represents a 0.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 15,699 shares of company stock worth $372,851 over the last ninety days. Company insiders own 5.00% of the company’s stock.

Permian Resources Stock Up 4.1%

Shares of NYSE PR opened at $24.57 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources Corporation has a 12-month low of $12.04 and a 12-month high of $24.65. The firm’s 50-day moving average price is $22.79 and its 200-day moving average price is $20.98. The stock has a market capitalization of $20.58 billion, a price-to-earnings ratio of 16.27 and a beta of 0.66.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The firm’s revenue was up 55.1% on a year-over-year basis. During the same quarter last year, the business posted $0.28 earnings per share. On average, equities research analysts anticipate that Permian Resources Corporation will post 2.37 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a dividend of $0.16 per share. The ex-dividend date was Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a yield of 2.6%. Permian Resources’s dividend payout ratio is 42.38%.

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.