Quantinno Capital Management LP Raises Stake in Permian Resources Corporation $PR

Quantinno Capital Management LP increased its holdings in shares of Permian Resources Corporation (NYSE:PR) by 117.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 284,094 shares of the company’s stock after acquiring an additional 153,339 shares during the period. Quantinno Capital Management LP’s holdings in Permian Resources were worth $6,057,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. SummitTX Capital L.P. boosted its position in shares of Permian Resources by 63.3% in the 1st quarter. SummitTX Capital L.P. now owns 99,354 shares of the company’s stock worth $2,118,000 after purchasing an additional 38,522 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Permian Resources by 133.8% in the first quarter. Lazard Asset Management LLC now owns 66,420 shares of the company’s stock worth $1,416,000 after acquiring an additional 38,015 shares in the last quarter. Castleark Management LLC purchased a new stake in shares of Permian Resources in the first quarter worth $13,452,000. Entropy Technologies LP increased its holdings in shares of Permian Resources by 531.4% during the first quarter. Entropy Technologies LP now owns 297,174 shares of the company’s stock valued at $6,336,000 after acquiring an additional 250,108 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Permian Resources in the 1st quarter worth about $10,244,000. Institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PR. Roth Capital set a $23.00 price objective on shares of Permian Resources and gave the company a “buy” rating in a research note on Monday, June 22nd. Scotiabank raised their price target on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 22nd. Morgan Stanley decreased their price objective on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Monday, June 29th. UBS Group cut their target price on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday, July 17th. Finally, Mizuho upgraded Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Permian Resources has a consensus rating of “Buy” and an average target price of $23.29.

Permian Resources Trading Down 3.3%

Shares of PR stock opened at $19.83 on Thursday. 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 stock has a market capitalization of $16.60 billion, a P/E ratio of 23.05 and a beta of 0.48. The firm’s 50 day moving average is $19.53 and its 200 day moving average is $19.17.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.28 EPS. Research analysts expect that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend 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.