Miller Howard Investments Inc. NY Buys New Shares in Permian Resources Corporation $PR

Miller Howard Investments Inc. NY bought a new stake in shares of Permian Resources Corporation (NYSE:PR) in the 3rd quarter, Holdings Channel reports. The firm bought 181,473 shares of the company’s stock, valued at approximately $3,833,000.

Other hedge funds have also recently made changes to their positions in the company. SJS Investment Consulting Inc. raised its stake in Permian Resources by 1,862.5% during the first 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 during the last quarter. Cedar Mountain Advisors LLC bought a new stake in Permian Resources in the first quarter worth $48,000. Essential Partners LLC grew its stake in shares of Permian Resources by 4,400.0% in the first quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock worth $69,000 after acquiring an additional 3,168 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Permian Resources in the first quarter worth $72,000. Finally, Bessemer Group Inc. grew its stake in shares of Permian Resources by 21.3% in the first quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock worth $76,000 after acquiring an additional 621 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

Shares of NYSE PR opened at $25.79 on Tuesday. The firm has a market cap of $21.60 billion, a P/E ratio of 17.08 and a beta of 0.66. Permian Resources Corporation has a twelve month low of $12.06 and a twelve month high of $25.96. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The company has a 50 day moving average of $23.19 and a 200 day moving average of $20.09.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping 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 return on equity of 13.47% and a net margin of 21.52%. Permian Resources’s revenue was up 55.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.28 EPS. As a group, research analysts expect that Permian Resources Corporation will post 2.43 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.5%. Permian Resources’s dividend payout ratio is presently 42.38%.

Insider Activity

In related news, EVP Robert Shannon sold 5,104 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the sale, the executive vice president owned 1,561,680 shares of the company’s stock, valued at $37,089,900. This trade represents a 0.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock valued at $372,851 in the last quarter. 5.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

PR has been the subject of several analyst reports. Royal Bank Of Canada restated an “outperform” rating and set a $27.00 price target on shares of Permian Resources in a report on Thursday, September 24th. KeyCorp upped their price target on shares of Permian Resources from $25.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 15th. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Scotiabank assumed coverage on shares of Permian Resources in a research report on Wednesday, October 14th. They set a “sector outperform” rating and a $29.00 price objective on the stock. Finally, Morgan Stanley raised their price objective on shares of Permian Resources from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Five research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $26.39.

Permian Resources Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.