KLP Kapitalforvaltning AS Boosts Holdings in Permian Resources Corporation $PR

KLP Kapitalforvaltning AS increased its stake in shares of Permian Resources Corporation (NYSE:PR) by 5.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 131,884 shares of the company’s stock after buying an additional 7,400 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Permian Resources were worth $1,796,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Allworth Financial LP increased its holdings in Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after buying an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in Permian Resources during the first quarter worth about $30,000. Keystone Global Partners LLC purchased a new stake in Permian Resources during the first quarter worth about $36,000. Brooklyn Investment Group increased its holdings in Permian Resources by 433.9% during the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock worth $43,000 after buying an additional 2,534 shares during the last quarter. Finally, Tsfg LLC purchased a new stake in Permian Resources during the first quarter worth about $46,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on 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 in the company, valued at $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the sale, the executive vice president owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a research note on Monday, July 7th. Raymond James Financial reduced 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. Scotiabank assumed coverage on shares of Permian Resources in a research note on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 target price for the company. Mizuho reduced their target price on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Finally, Morgan Stanley lifted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $18.69.

Permian Resources Price Performance

PR stock opened at $12.22 on Monday. The firm has a 50 day moving average of $13.48 and a 200-day moving average of $13.24. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. The firm has a market capitalization of $9.78 billion, a P/E ratio of 7.93 and a beta of 1.32.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting analysts’ consensus estimates of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period last year, the business earned $0.39 earnings per share. Permian Resources’s revenue was down 3.9% compared to the same quarter last year. As a group, sell-side analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Tuesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is 38.96%.

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.