Twinbeech Capital LP Makes New Investment in Permian Resources Co. (NYSE:PR)

Twinbeech Capital LP acquired a new position in Permian Resources Co. (NYSE:PR) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 602,130 shares of the company’s stock, valued at approximately $8,659,000.

Other large investors have also added to or reduced their stakes in the company. Principal Securities Inc. raised its holdings in 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 buying an additional 852 shares during the period. Global Retirement Partners LLC raised its holdings in Permian Resources by 98.4% during the 4th 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 period. Rakuten Securities Inc. raised its holdings in Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after buying an additional 2,305 shares during the period. RE Dickinson Investment Advisors LLC purchased a new stake in Permian Resources during the 4th quarter valued at $41,000. Finally, Lindbrook Capital LLC raised its holdings in Permian Resources by 294.8% during the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock valued at $42,000 after buying an additional 2,155 shares during the period. Institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Guy M. Oliphint sold 4,150 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the transaction, the chief financial officer now directly owns 130,467 shares in the company, valued at $1,825,233.33. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction dated 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 transaction, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. The trade was a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PR. UBS Group increased their target price on Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Morgan Stanley reduced their target price on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Susquehanna reduced their target price on Permian Resources from $20.00 to $19.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Finally, Piper Sandler reduced their target price on Permian Resources from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and an average price target of $18.63.

Permian Resources Price Performance

Shares of PR stock opened at $13.31 on Tuesday. Permian Resources Co. has a 1-year low of $10.01 and a 1-year high of $16.95. The stock’s 50-day moving average is $12.58 and its 200 day moving average is $13.90. The company has a market cap of $10.69 billion, a P/E ratio of 8.07, a PEG ratio of 4.05 and a beta of 1.20. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

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). The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.25 EPS. Research analysts predict that Permian Resources Co. will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources’s dividend payout ratio is presently 37.04%.

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.