Castleark Management LLC Takes $13.45 Million Position in Permian Resources Corporation $PR

Castleark Management LLC acquired a new stake in Permian Resources Corporation (NYSE:PR) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 630,980 shares of the company’s stock, valued at approximately $13,452,000.

Several other institutional investors have also recently made changes to their positions in the business. SJS Investment Consulting Inc. lifted its position in Permian Resources by 1,862.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after purchasing an additional 1,341 shares during the period. SHP Wealth Management purchased a new stake in Permian Resources in the fourth quarter valued at $27,000. Cedar Mountain Advisors LLC acquired a new stake in Permian Resources during the 1st quarter worth about $48,000. Los Angeles Capital Management LLC acquired a new stake in Permian Resources during the 4th quarter worth about $39,000. Finally, State of Wyoming grew its position in Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Down 0.0%

Shares of Permian Resources stock opened at $21.34 on Monday. The firm has a 50-day simple moving average of $19.51 and a two-hundred day simple moving average of $18.81. The company has a market cap of $17.87 billion, a P/E ratio of 24.82 and a beta of 0.46. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $22.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the prior year, the company posted $0.44 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. As a group, equities analysts predict that Permian Resources Corporation will post 1.94 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. Permian Resources’s dividend payout ratio is currently 74.42%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PR shares. UBS Group decreased their price objective on Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a report on Friday, July 17th. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 7th. Weiss Ratings cut Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 15th. Roth Capital set a $23.00 price target on Permian Resources and gave the company a “buy” rating in a report on Monday, June 22nd. Finally, Evercore initiated coverage on Permian Resources in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective on the stock. Four 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 stock. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of “Buy” and a consensus target price of $23.29.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.00% of the company’s stock.

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.