Tributary Capital Management LLC Has $1.25 Million Position in Permian Resources Corporation $PR

Tributary Capital Management LLC lifted its position in shares of Permian Resources Corporation (NYSE:PR) by 4.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 91,968 shares of the company’s stock after purchasing an additional 3,553 shares during the quarter. Tributary Capital Management LLC’s holdings in Permian Resources were worth $1,253,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. UMB Bank n.a. boosted its position in shares of Permian Resources by 12.6% during the second quarter. UMB Bank n.a. now owns 6,953 shares of the company’s stock worth $95,000 after buying an additional 778 shares during the period. Hexagon Capital Partners LLC boosted its position in shares of Permian Resources by 30.8% during the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company’s stock worth $54,000 after buying an additional 921 shares during the period. HighPoint Advisor Group LLC boosted its position in shares of Permian Resources by 5.1% during the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock worth $283,000 after buying an additional 986 shares during the period. Vident Advisory LLC boosted its position in shares of Permian Resources by 9.9% during the first quarter. Vident Advisory LLC now owns 11,321 shares of the company’s stock worth $157,000 after buying an additional 1,019 shares during the period. Finally, Creative Financial Designs Inc. ADV boosted its position in shares of Permian Resources by 1.8% during the first quarter. Creative Financial Designs Inc. ADV now owns 64,181 shares of the company’s stock worth $889,000 after buying an additional 1,106 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.44% of the company’s stock.

Permian Resources Stock Performance

Shares of NYSE PR opened at $12.52 on Thursday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. The stock has a 50 day moving average of $13.31 and a 200-day moving average of $13.20. The company has a market capitalization of $10.02 billion, a P/E ratio of 8.13 and a beta of 1.32.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS. As a group, equities research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Tuesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is presently 38.96%.

Analyst Ratings Changes

Several research firms have recently weighed in on PR. Scotiabank initiated coverage on Permian Resources in a research report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price objective for the company. Piper Sandler increased their price target on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday. TD Cowen raised Permian Resources to a “strong-buy” rating in a research report on Monday, July 7th. Mizuho reduced their price target on Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Finally, Wall Street Zen cut Permian Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of “Buy” and a consensus target price of $18.73.

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.