SLT Holdings LLC Makes New Investment in Permian Resources Corporation $PR

SLT Holdings LLC bought a new position in Permian Resources Corporation (NYSE:PR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,500 shares of the company’s stock, valued at approximately $184,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC increased its stake in shares of Permian Resources by 19.2% in the first quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company’s stock worth $267,000 after purchasing an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Permian Resources by 12.4% during the first quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company’s stock valued at $444,000 after purchasing an additional 3,547 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in Permian Resources by 8.5% during the first quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company’s stock valued at $393,000 after purchasing an additional 2,215 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Permian Resources by 27.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company’s stock worth $425,000 after acquiring an additional 6,600 shares during the last quarter. Finally, Vontobel Holding Ltd. bought a new stake in shares of Permian Resources in the 1st quarter worth about $174,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Permian Resources stock opened at $12.22 on Friday. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The firm has a market capitalization of $9.78 billion, a price-to-earnings ratio of 7.93 and a beta of 1.32. The company has a fifty day simple moving average of $13.48 and a 200-day simple moving average of $13.25. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year. On average, equities analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.9%. Permian Resources’s dividend payout ratio is presently 38.96%.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This represents a 4.91% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.44% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on PR. TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a report on Monday, July 7th. Raymond James Financial decreased their target price on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a research note on Tuesday, September 2nd. Weiss Ratings restated a “buy (b-)” rating on shares of Permian Resources in a research report on Wednesday. Scotiabank began coverage on shares of Permian Resources in a research report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price objective for the company. Finally, Mizuho reduced their price objective on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $18.69.

About Permian Resources

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.