Outfitter Financial LLC Makes New Investment in Permian Resources Co. (NASDAQ:PR)

Outfitter Financial LLC purchased a new stake in shares of Permian Resources Co. (NASDAQ:PR) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 48,003 shares of the company’s stock, valued at approximately $653,000.

A number of other institutional investors have also recently bought and sold shares of the business. Arizona State Retirement System lifted its position in shares of Permian Resources by 1.5% during the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock worth $999,000 after purchasing an additional 1,041 shares in the last quarter. Truist Financial Corp increased its stake in Permian Resources by 9.4% during the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after purchasing an additional 1,086 shares in the last quarter. Orion Portfolio Solutions LLC raised its holdings in shares of Permian Resources by 2.1% during the third quarter. Orion Portfolio Solutions LLC now owns 62,816 shares of the company’s stock worth $877,000 after acquiring an additional 1,275 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Permian Resources by 6.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 34,491 shares of the company’s stock worth $481,000 after buying an additional 1,981 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of Permian Resources by 6.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock worth $471,000 after acquiring an additional 2,063 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on PR shares. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research report on Friday, April 12th. Wells Fargo & Company raised their target price on shares of Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Mizuho upped their price objective on Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Finally, Citigroup upped their price objective on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.38.

Insiders Place Their Bets

In related news, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the sale, the director now owns 476,306 shares of the company’s stock, valued at approximately $7,482,767.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert John Anderson sold 1,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $15,710,000.00. Following the completion of the transaction, the director now owns 476,306 shares in the company, valued at approximately $7,482,767.26. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock worth $516,796,999 over the last 90 days. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Stock Down 2.2 %

Permian Resources stock traded down $0.38 during mid-day trading on Friday, reaching $16.64. The stock had a trading volume of 2,894,502 shares, compared to its average volume of 9,055,042. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The stock’s 50-day simple moving average is $17.06 and its 200-day simple moving average is $14.84. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The firm has a market capitalization of $12.84 billion, a PE ratio of 14.68 and a beta of 4.32.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, sell-side analysts forecast that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date is Monday, May 20th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

Permian Resources Profile

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.