40,000 Permian Resources Corporation $PR Shares Bought by Viking Fund Management LLC

Viking Fund Management LLC grew its holdings in Permian Resources Corporation (NYSE:PR) by 9.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 451,000 shares of the company’s stock after acquiring an additional 40,000 shares during the quarter. Viking Fund Management LLC’s holdings in Permian Resources were worth $9,525,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Readystate Asset Management LP raised its stake in shares of Permian Resources by 155.2% during the second quarter. Readystate Asset Management LP now owns 496,281 shares of the company’s stock worth $9,137,000 after purchasing an additional 301,791 shares during the last quarter. Principal Financial Group Inc. grew its position in Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock valued at $100,911,000 after buying an additional 85,509 shares during the last quarter. Tidal Investments LLC grew its position in Permian Resources by 60.0% in the 2nd quarter. Tidal Investments LLC now owns 385,843 shares of the company’s stock valued at $7,103,000 after buying an additional 144,704 shares during the last quarter. Sanctuary Advisors LLC grew its position in Permian Resources by 35.3% in the 1st quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock valued at $4,073,000 after buying an additional 49,798 shares during the last quarter. Finally, Sterling Capital Management LLC increased its stake in Permian Resources by 98.0% in the 1st quarter. Sterling Capital Management LLC now owns 168,262 shares of the company’s stock valued at $3,587,000 after buying an additional 83,302 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PR shares. Citigroup upped their price objective on shares of Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday. Scotiabank started coverage on shares of Permian Resources in a research note on Wednesday. They issued an “outperform” rating and a $29.00 target price for the company. Stifel Nicolaus started coverage on shares of Permian Resources in a report on Thursday, September 10th. They issued a “buy” rating and a $30.00 target price on the stock. Evercore began coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 target price on the stock. Finally, Truist Financial boosted their price target on shares of Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday. Five analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $25.56.

Insider Buying and Selling at Permian Resources

In other news, EVP Robert Shannon sold 5,104 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the sale, the executive vice president owned 1,346,698 shares of the company’s stock, valued at $31,984,077.50. The trade was a 0.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. This trade represents a 0.35% decrease in their position. 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. Over the last three months, insiders sold 15,699 shares of company stock valued at $372,851. Corporate insiders own 5.00% of the company’s stock.

Permian Resources Trading Down 0.7%

NYSE:PR opened at $24.10 on Thursday. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $24.65. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The stock has a fifty day moving average price of $22.63 and a two-hundred day moving average price of $20.95. The stock has a market capitalization of $20.18 billion, a price-to-earnings ratio of 15.96 and a beta of 0.66.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business’s revenue was up 55.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.28 EPS. As a group, sell-side analysts anticipate that Permian Resources Corporation will post 2.32 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were issued a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a yield of 2.7%. Permian Resources’s dividend payout ratio (DPR) is 42.38%.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.