Crestline Management LP Boosts Position in Permian Resources Co. (NYSE:PR)

Crestline Management LP boosted its position in Permian Resources Co. (NYSE:PR) by 222.4% during the 4th quarter, HoldingsChannel reports. The firm owned 97,874 shares of the company’s stock after purchasing an additional 67,512 shares during the period. Crestline Management LP’s holdings in Permian Resources were worth $1,407,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in PR. Principal Securities Inc. grew its position in shares of Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares during the period. ORG Wealth Partners LLC bought a new stake in Permian Resources during the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC raised its position in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after buying an additional 1,232 shares during the last quarter. Rakuten Securities Inc. lifted its stake in Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after purchasing an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC purchased a new stake in shares of Permian Resources in the fourth quarter worth about $41,000. 91.84% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the transaction, the executive vice president now owns 74,433 shares in the company, valued at $1,044,294.99. This represents a 3.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 in the last three months. 6.44% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on PR. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Susquehanna dropped their price objective on Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Bank of America dropped their target price on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, April 1st. Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Royal Bank of Canada cut their price objective on shares of Permian Resources from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.67.

Permian Resources Trading Up 9.3 %

NYSE:PR opened at $13.00 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $12.46 and a 200-day simple moving average of $13.91. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $17.44. The company has a market capitalization of $10.44 billion, a P/E ratio of 7.88, a PEG ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the company posted $0.25 EPS. Permian Resources’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.62%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources’s dividend payout ratio is currently 41.96%.

Permian Resources 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.