Sharpepoint LLC Has $2.29 Million Stock Position in Permian Resources Corporation $PR

Sharpepoint LLC grew its stake in shares of Permian Resources Corporation (NYSE:PR) by 23.2% during the 4th quarter, Holdings Channel reports. The firm owned 163,151 shares of the company’s stock after buying an additional 30,691 shares during the period. Permian Resources comprises about 1.4% of Sharpepoint LLC’s investment portfolio, making the stock its 27th biggest position. Sharpepoint LLC’s holdings in Permian Resources were worth $2,289,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PR. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the last quarter. Boston Partners increased its position in shares of Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Permian Resources by 10.4% during the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock worth $914,733,000 after purchasing an additional 6,705,644 shares during the last quarter. Millennium Management LLC increased its position in shares of Permian Resources by 210.6% during the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after purchasing an additional 6,678,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after purchasing an additional 4,691,280 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PR shares. Piper Sandler boosted their price target on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Raymond James Financial reissued a “strong-buy” rating and set a $21.00 target price on shares of Permian Resources in a report on Thursday, February 26th. BMO Capital Markets raised Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. UBS Group boosted their target price on Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a report on Friday, March 27th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and an average price target of $22.69.

Permian Resources Stock Performance

PR opened at $19.79 on Thursday. The business has a fifty day simple moving average of $20.38 and a 200 day simple moving average of $17.69. The company has a market capitalization of $16.57 billion, a PE ratio of 23.02 and a beta of 0.48. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. Research analysts expect that Permian Resources Corporation will post 2.01 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.16 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.2%. Permian Resources’s payout ratio is 74.42%.

Insider Activity

In other news, Director Aron Marquez sold 7,750 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the sale, the director directly owned 72,218 shares in the company, valued at approximately $1,416,917.16. This represents a 9.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William J. Quinn sold 512,429 shares of the company’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total value of $10,038,484.11. Following the sale, the director owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. The trade was a 6.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 588,198 shares of company stock worth $11,576,280. 5.00% of the stock is currently 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.