Twinbeech Capital LP Invests $8.66 Million in Permian Resources Co. (NYSE:PR)

Twinbeech Capital LP acquired a new stake in Permian Resources Co. (NYSE:PR - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 602,130 shares of the company's stock, valued at approximately $8,659,000. Twinbeech Capital LP owned approximately 0.07% of Permian Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Tidal Investments LLC grew its position in shares of Permian Resources by 7.2% during the 4th quarter. Tidal Investments LLC now owns 21,584 shares of the company's stock valued at $310,000 after acquiring an additional 1,442 shares during the period. Texas Bank & Trust Co acquired a new stake in shares of Permian Resources during the 4th quarter valued at about $259,000. Thomist Capital Management LP acquired a new stake in shares of Permian Resources during the 4th quarter valued at about $1,997,000. Sagefield Capital LP grew its position in shares of Permian Resources by 0.7% during the 4th quarter. Sagefield Capital LP now owns 4,265,181 shares of the company's stock valued at $61,333,000 after acquiring an additional 31,629 shares during the period. Finally, ProShare Advisors LLC grew its position in shares of Permian Resources by 7.6% during the 4th quarter. ProShare Advisors LLC now owns 29,774 shares of the company's stock valued at $428,000 after acquiring an additional 2,110 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Raymond James reiterated a "strong-buy" rating and issued a $23.00 price objective (up from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Citigroup cut Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Morgan Stanley lowered their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Susquehanna lowered their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Finally, Royal Bank of Canada lifted their price objective on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $18.56.

Permian Resources Price Performance

PR traded down $0.14 during trading on Friday, reaching $12.71. The company's stock had a trading volume of 6,310,562 shares, compared to its average volume of 9,709,277. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $12.55 and a two-hundred day simple moving average of $13.87. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $16.95. The company has a market cap of $10.21 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.25 EPS. As a group, analysts anticipate that Permian Resources Co. will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.72%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's payout ratio is presently 37.04%.

Insider Activity

In other news, Director William J. Quinn bought 500,000 shares of the business's stock in a transaction on Monday, March 3rd. The shares were bought at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is currently owned by company insiders.

Permian Resources 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.