Readystate Asset Management LP Makes New Investment in Permian Resources Corporation $PR

Readystate Asset Management LP acquired a new position in Permian Resources Corporation (NYSE:PR) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 194,490 shares of the company’s stock, valued at approximately $4,147,000.

Several other large investors have also recently bought and sold shares of the stock. Regal Partners Ltd bought a new position in Permian Resources during the first quarter valued at about $682,000. Empowered Funds LLC grew its holdings in shares of Permian Resources by 122.9% during the 1st quarter. Empowered Funds LLC now owns 702,014 shares of the company’s stock worth $14,967,000 after purchasing an additional 387,089 shares in the last quarter. Encompass Capital Advisors LLC bought a new stake in shares of Permian Resources during the first quarter valued at approximately $34,065,000. Quantinno Capital Management LP raised its stake in shares of Permian Resources by 117.3% in the first quarter. Quantinno Capital Management LP now owns 284,094 shares of the company’s stock valued at $6,057,000 after purchasing an additional 153,339 shares in the last quarter. Finally, SummitTX Capital L.P. boosted its stake in Permian Resources by 63.3% during the first quarter. SummitTX Capital L.P. now owns 99,354 shares of the company’s stock worth $2,118,000 after buying an additional 38,522 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PR has been the topic of several analyst reports. BMO Capital Markets upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Mizuho upped their price target on shares of Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Citigroup cut their price target on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Truist Financial dropped their target price on Permian Resources from $25.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Finally, Evercore began coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price target for the company. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $23.29.

Permian Resources Price Performance

Shares of NYSE PR opened at $19.78 on Wednesday. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $19.47 and its 200-day moving average is $18.90. The firm has a market cap of $16.56 billion, a P/E ratio of 23.00 and a beta of 0.46.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (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 business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business posted $0.44 EPS. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts predict that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is presently 74.42%.

Insider Buying and Selling at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.00% of the company’s stock.

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.