Nixon Capital LLC Buys New Holdings in Permian Resources Corporation $PR

Nixon Capital LLC bought a new stake in Permian Resources Corporation (NYSE:PR) in the 4th quarter, Holdings Channel.com reports. The firm bought 543,352 shares of the company’s stock, valued at approximately $7,623,000. Permian Resources accounts for about 2.0% of Nixon Capital LLC’s portfolio, making the stock its 21st largest position.

Several other hedge funds have also bought and sold shares of PR. Los Angeles Capital Management LLC acquired a new stake in Permian Resources in the 4th quarter valued at about $39,000. State of Wyoming lifted its stake in Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Permian Resources in the 4th quarter valued at about $60,000. Finally, Farther Finance Advisors LLC raised its holdings in Permian Resources by 126.1% in the 4th quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock valued at $62,000 after acquiring an additional 2,477 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. UBS Group increased their price target on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Roth Mkm reissued a “neutral” rating and issued a $22.00 price target (up from $20.00) on shares of Permian Resources in a report on Wednesday, April 8th. Zacks Research cut shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Citigroup increased their price target on shares of Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, March 31st. Finally, Wells Fargo & Company set a $26.00 price target on shares of Permian Resources in a report on Monday, May 25th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.69.

Permian Resources Stock Up 3.1%

Shares of PR opened at $19.79 on Thursday. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The firm’s 50 day moving average is $20.38 and its 200-day moving average is $17.69. The stock has a market capitalization of $16.57 billion, a PE ratio of 23.02 and a beta of 0.48. 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 (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.41 billion. During the same period last year, the firm earned $0.44 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts forecast that Permian Resources Corporation will post 2.01 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is 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 currently 74.42%.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn sold 512,429 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the transaction, the director directly owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. This trade represents a 6.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Aron Marquez sold 7,750 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total transaction of $152,055.00. Following the transaction, the director directly owned 72,218 shares in the company, valued at $1,416,917.16. This represents a 9.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 588,198 shares of company stock valued at $11,576,280. 5.00% of the stock is currently owned by company insiders.

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.