Outfitter Financial LLC Grows Stock Holdings in Permian Resources Corporation $PR

Outfitter Financial LLC increased its stake in shares of Permian Resources Corporation (NYSE:PR) by 10.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 63,682 shares of the company’s stock after acquiring an additional 5,874 shares during the period. Outfitter Financial LLC’s holdings in Permian Resources were worth $867,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in shares of Permian Resources by 86.8% during the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after buying an additional 11,133,354 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Permian Resources by 19.4% during the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock worth $195,276,000 after buying an additional 2,286,363 shares during the last quarter. Nuveen LLC purchased a new position in shares of Permian Resources during the first quarter worth about $175,525,000. Invesco Ltd. grew its holdings in shares of Permian Resources by 8.9% during the first quarter. Invesco Ltd. now owns 8,622,575 shares of the company’s stock worth $119,423,000 after buying an additional 701,825 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Permian Resources by 56.7% in the 1st quarter. Millennium Management LLC now owns 7,578,553 shares of the company’s stock valued at $104,963,000 after purchasing an additional 2,743,272 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE:PR opened at $12.10 on Thursday. The business’s 50 day simple moving average is $13.09 and its 200-day simple moving average is $13.32. The firm has a market capitalization of $9.69 billion, a price-to-earnings ratio of 7.86 and a beta of 1.31. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.30 by $0.07. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.53 EPS. As a group, equities analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 annualized dividend and a dividend yield of 5.0%. Permian Resources’s payout ratio is 38.96%.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the transaction, the executive vice president directly owned 107,569 shares in the company, valued at $1,528,555.49. The trade was a 4.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 6.44% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Scotiabank assumed coverage on Permian Resources in a research report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 target price on the stock. Raymond James Financial dropped their target price on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, September 2nd. Royal Bank Of Canada boosted their target price on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Mizuho dropped their target price on Permian Resources from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Finally, Weiss Ratings cut Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.73.

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.