Schwartz Investment Counsel Inc. Makes New Investment in Permian Resources Corporation $PR

Schwartz Investment Counsel Inc. purchased a new position in Permian Resources Corporation (NYSE:PR) in the first quarter, HoldingsChannel.com reports. The fund purchased 120,500 shares of the company’s stock, valued at approximately $2,569,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Permian Resources by 4.0% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock valued at $224,000 after acquiring an additional 607 shares during the last quarter. Waterloo Capital L.P. raised its stake in Permian Resources by 3.1% in the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock valued at $305,000 after purchasing an additional 657 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in Permian Resources by 5.4% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock valued at $192,000 after purchasing an additional 706 shares in the last quarter. Curated Wealth Partners LLC lifted its holdings in Permian Resources by 1.1% in the 4th quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock valued at $991,000 after purchasing an additional 747 shares in the last quarter. Finally, Dean Investment Associates LLC boosted its stake in shares of Permian Resources by 0.3% during the 4th quarter. Dean Investment Associates LLC now owns 265,615 shares of the company’s stock worth $3,727,000 after purchasing an additional 922 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of recent research reports. Citigroup lifted their price target on shares of Permian Resources from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, March 31st. BMO Capital Markets raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Wells Fargo & Company set a $26.00 price target on Permian Resources in a report on Monday, May 25th. Roth Capital set a $23.00 price objective on Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Finally, Mizuho lifted their price objective on Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $23.35.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the sale, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.00% of the stock is owned by corporate insiders.

Permian Resources Price Performance

Permian Resources stock opened at $19.61 on Tuesday. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a 50 day moving average price of $19.52 and a 200 day moving average price of $18.40. The company has a market cap of $16.42 billion, a price-to-earnings ratio of 22.80 and a beta of 0.46.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business earned $0.44 EPS. Permian Resources’s revenue for the quarter was up .9% on a year-over-year basis. Sell-side analysts predict that Permian Resources Corporation will post 1.95 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources’s payout ratio is 74.42%.

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.