Outfitter Financial LLC Acquires New Holdings in Permian Resources Co. (NASDAQ:PR)

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new position in shares of Permian Resources during the 3rd quarter worth approximately $76,629,000. Vanguard Group Inc. raised its stake in shares of Permian Resources by 17.1% in the 3rd quarter. Vanguard Group Inc. now owns 28,467,963 shares of the company’s stock valued at $397,413,000 after acquiring an additional 4,148,519 shares during the period. Westfield Capital Management Co. LP acquired a new stake in Permian Resources in the 3rd quarter valued at approximately $54,744,000. KGH Ltd purchased a new stake in Permian Resources in the third quarter valued at approximately $21,638,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Permian Resources by 68.5% during the third quarter. Bank of New York Mellon Corp now owns 3,506,547 shares of the company’s stock worth $48,951,000 after buying an additional 1,425,212 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PR. Truist Financial lifted their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Piper Sandler raised their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Stifel Nicolaus lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Wells Fargo & Company upped their price objective on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, Raymond James started coverage on Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price objective on the stock. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.38.

Permian Resources Stock Performance

PR stock traded down $0.38 on Friday, reaching $16.64. 2,894,502 shares of the company were exchanged, compared to its average volume of 9,055,042. The firm has a market capitalization of $12.84 billion, a PE ratio of 14.68 and a beta of 4.32. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. Permian Resources Co. has a 12 month low of $8.94 and a 12 month high of $18.28. The stock’s fifty day moving average price is $17.06 and its 200 day moving average price is $14.84.

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

Permian Resources Increases Dividend

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

Insider Buying and Selling

In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the sale, the director now owns 476,306 shares of the company’s stock, valued at $7,482,767.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert John Anderson sold 1,000,000 shares of Permian Resources stock in a transaction on 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 sale, the director now directly owns 476,306 shares of the company’s stock, valued at approximately $7,482,767.26. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last 90 days. Company insiders own 12.80% of the company’s stock.

Permian Resources Company 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.