Ninepoint Partners LP Takes $6.44 Million Position in Permian Resources Corporation $PR

Ninepoint Partners LP bought a new position in shares of Permian Resources Corporation (NYSE:PR) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 350,000 shares of the company’s stock, valued at approximately $6,444,000. Permian Resources accounts for about 0.5% of Ninepoint Partners LP’s portfolio, making the stock its 29th largest holding.

A number of other hedge funds have also added to or reduced their stakes in the business. SJS Investment Consulting Inc. increased its stake in Permian Resources by 1,862.5% in the 1st 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 during the last quarter. SHP Wealth Management acquired a new position in shares of Permian Resources during the 4th quarter worth about $27,000. Cedar Mountain Advisors LLC bought a new position in shares of Permian Resources in the 1st quarter valued at about $48,000. Los Angeles Capital Management LLC bought a new position in shares of Permian Resources in the 4th quarter valued at about $39,000. Finally, State of Wyoming increased its position in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after acquiring an additional 1,640 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on PR. UBS Group reduced their price target on Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, July 17th. Mizuho upgraded Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Evercore began coverage on Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective for the company. Roth Capital set a $23.00 target price on shares of Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research report on Wednesday. Five research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $23.47.

Permian Resources Stock Performance

Shares of PR stock opened at $23.80 on Friday. The company has a market capitalization of $19.93 billion, a price-to-earnings ratio of 15.76 and a beta of 0.48. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The company has a 50-day simple moving average of $19.99 and a 200 day simple moving average of $19.69. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $24.09.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business’s revenue 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, sell-side analysts predict that Permian Resources Corporation will post 2.15 earnings per share for the current year.

Permian Resources Announces Dividend

The company 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 2.7%. Permian Resources’s dividend payout ratio (DPR) is presently 42.38%.

Permian Resources Company 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.