Sagefield Capital LP Has $61.33 Million Stock Position in Permian Resources Co. (NYSE:PR)

Sagefield Capital LP boosted its holdings in Permian Resources Co. (NYSE:PR) by 0.7% in the 4th quarter, HoldingsChannel reports. The firm owned 4,265,181 shares of the company’s stock after purchasing an additional 31,629 shares during the quarter. Permian Resources makes up approximately 6.8% of Sagefield Capital LP’s portfolio, making the stock its 3rd largest holding. Sagefield Capital LP’s holdings in Permian Resources were worth $61,333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources in the fourth quarter worth $431,676,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock worth $469,856,000 after purchasing an additional 12,306,854 shares during the period. Dimensional Fund Advisors LP raised its position in Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock valued at $169,864,000 after acquiring an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Permian Resources in the fourth quarter valued at approximately $57,114,000. Finally, Invesco Ltd. increased its position in shares of Permian Resources by 56.1% in the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company’s stock valued at $113,900,000 after buying an additional 2,845,449 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director William J. Quinn bought 500,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the acquisition, the director now owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This trade represents a 160.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at $822,525.36. This trade represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock worth $135,687 over the last quarter. 6.44% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. UBS Group upped their price target on Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, May 12th. JPMorgan Chase & Co. dropped their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. The Goldman Sachs Group lifted their target price on Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday. Finally, Morgan Stanley reduced their price target on Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.33.

Permian Resources Price Performance

PR stock opened at $13.50 on Friday. The stock has a 50-day moving average price of $12.58 and a two-hundred day moving average price of $13.90. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $16.95. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market cap of $10.84 billion, a PE ratio of 8.18, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the firm posted $0.25 EPS. Permian Resources’s revenue was up 10.7% on a year-over-year basis. As a group, research analysts predict that Permian Resources Co. will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources’s dividend payout ratio is presently 37.04%.

About Permian Resources

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.