SummitTX Capital L.P. Purchases 38,522 Shares of Permian Resources Corporation $PR

SummitTX Capital L.P. raised its position in shares of Permian Resources Corporation (NYSE:PR) by 63.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 99,354 shares of the company’s stock after purchasing an additional 38,522 shares during the period. SummitTX Capital L.P.’s holdings in Permian Resources were worth $2,118,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PR. SHP Wealth Management bought a new position in shares of Permian Resources during the 4th quarter valued at about $27,000. SJS Investment Consulting Inc. boosted its stake in Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after buying an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in Permian Resources in the fourth quarter worth approximately $39,000. State of Wyoming grew its position in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after acquiring an additional 1,640 shares during the last quarter. Finally, Cedar Mountain Advisors LLC bought a new position in Permian Resources during the first quarter valued at approximately $48,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Down 2.3%

NYSE:PR opened at $19.78 on Wednesday. The company has a fifty day moving average of $19.47 and a 200 day moving average of $18.90. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $16.56 billion, a P/E ratio of 23.00 and a beta of 0.46.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the firm earned $0.44 EPS. The company’s revenue was up .9% on a year-over-year basis. On average, research analysts predict that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio is currently 74.42%.

Insider Activity

In related news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PR shares. Raymond James Financial lowered their price objective on shares of Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a report on Wednesday, June 17th. Truist Financial lowered their price target on shares of Permian Resources from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, July 13th. BMO Capital Markets raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Scotiabank lifted their price objective on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Finally, Morgan Stanley lowered their target price on Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $23.29.

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.