King Luther Capital Management Corp Purchases 146,836 Shares of Permian Resources Corporation $PR

King Luther Capital Management Corp lifted its position in Permian Resources Corporation (NYSE:PR) by 2.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,422,559 shares of the company’s stock after purchasing an additional 146,836 shares during the quarter. King Luther Capital Management Corp owned about 0.65% of Permian Resources worth $76,079,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in shares of Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares during the period. FNY Investment Advisers LLC bought a new position in shares of Permian Resources in the fourth quarter worth $60,000. Farther Finance Advisors LLC increased its holdings in shares of Permian Resources by 126.1% in the fourth quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock worth $62,000 after purchasing an additional 2,477 shares during the period. Allworth Financial LP increased its holdings in shares of Permian Resources by 18.7% in the third quarter. Allworth Financial LP now owns 6,445 shares of the company’s stock worth $82,000 after purchasing an additional 1,015 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Permian Resources in the fourth quarter worth $82,000. Institutional investors own 91.84% of the company’s stock.

Insider Activity

In other news, EVP John Charles Bell sold 158,385 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the transaction, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James H. Walter sold 673,425 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. This trade represents a 6.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 3,192,835 shares of company stock valued at $60,120,653. Company insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. UBS Group upped their price target on shares of Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Wells Fargo & Company set a $26.00 target price on Permian Resources in a research note on Monday. Citigroup increased their target price on Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, March 31st. Zacks Research raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 27th. Finally, Royal Bank Of Canada increased their target price on Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Four research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Buy” and a consensus target price of $22.31.

Permian Resources Stock Down 4.1%

PR opened at $19.61 on Wednesday. The stock has a market cap of $16.42 billion, a PE ratio of 22.80 and a beta of 0.52. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The business’s fifty day simple moving average is $20.56 and its 200 day simple moving average is $17.22.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 earnings per share. As a group, research analysts expect that Permian Resources Corporation will post 1.97 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is 74.42%.

About Permian Resources

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.