Kendall Capital Management Purchases 40,385 Shares of Permian Resources Corporation $PR

Kendall Capital Management boosted its position in Permian Resources Corporation (NYSE:PR) by 106.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 78,485 shares of the company’s stock after buying an additional 40,385 shares during the quarter. Kendall Capital Management’s holdings in Permian Resources were worth $1,101,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of PR. Ruffer LLP bought a new stake in shares of Permian Resources in the third quarter worth $2,608,000. Massachusetts Financial Services Co. MA grew its position in Permian Resources by 8.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after purchasing an additional 1,421,059 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in Permian Resources by 101.0% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock valued at $6,920,000 after buying an additional 271,668 shares during the last quarter. Cresset Asset Management LLC increased its stake in Permian Resources by 599.2% in the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock valued at $2,377,000 after buying an additional 149,548 shares during the last quarter. Finally, SCP Investment LP lifted its position in Permian Resources by 225.0% during the 3rd quarter. SCP Investment LP now owns 93,600 shares of the company’s stock worth $1,198,000 after buying an additional 64,800 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 2.8%

Permian Resources stock opened at $21.19 on Friday. The firm has a market capitalization of $17.72 billion, a PE ratio of 16.95, a P/E/G ratio of 3.07 and a beta of 0.56. The company’s 50-day moving average is $18.27 and its 200-day moving average is $15.20. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $21.99. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the business posted $0.36 EPS. Permian Resources’s revenue was down 9.8% on a year-over-year basis. Sell-side analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were given a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. Permian Resources’s payout ratio is 51.20%.

Analyst Ratings Changes

A number of research firms have recently commented on PR. Truist Financial assumed coverage on shares of Permian Resources in a research note on Tuesday, March 24th. They set a “buy” rating and a $24.00 price objective for the company. Scotiabank upgraded Permian Resources to a “strong-buy” rating in a report on Friday, March 27th. Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 6th. Piper Sandler raised their price target on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Finally, Bank of America reaffirmed a “neutral” rating and set a $16.00 price target (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $21.43.

Insider Activity at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 800,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the sale, the director owned 7,426,839 shares of the company’s stock, valued at $142,223,966.85. This trade represents a 9.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John Charles Bell sold 158,385 shares of Permian Resources stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the transaction, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 5,340,522 shares of company stock worth $89,069,383 in the last three months. 6.44% of the stock is owned by company insiders.

Permian Resources Profile

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.