Gallacher Capital Management LLC Invests $931,000 in Permian Resources Corporation $PR

Gallacher Capital Management LLC purchased a new stake in Permian Resources Corporation (NYSE:PR) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 43,645 shares of the company’s stock, valued at approximately $931,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SHP Wealth Management purchased a new stake in Permian Resources during the 4th quarter worth about $27,000. SJS Investment Consulting Inc. grew its holdings in Permian Resources by 1,862.5% during 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 in the last quarter. Los Angeles Capital Management LLC purchased a new position in Permian Resources during the 4th quarter valued at about $39,000. State of Wyoming increased its position in shares of Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after buying an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC bought a new stake in shares of Permian Resources during the first quarter valued at about $48,000. 91.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PR has been the topic of several recent analyst reports. Citigroup lowered their target price on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday. Truist Financial reduced their price target on shares of Permian Resources from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday. BMO Capital Markets raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Zacks Research downgraded Permian Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Company set a $26.00 price objective on Permian Resources in a research note on Monday, May 25th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $23.24.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value 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 approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.00% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $19.71 on Friday. The firm has a market capitalization of $16.51 billion, a PE ratio of 22.92 and a beta of 0.46. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The business’s 50-day moving average price is $19.43 and its 200-day moving average price is $18.52.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS. Sell-side analysts forecast that Permian Resources Corporation will post 1.91 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. Permian Resources’s dividend payout ratio (DPR) 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.