AlphaQuest LLC Makes New Investment in Permian Resources Corporation $PR

Key Points

• AlphaQuest LLC has taken a new position in Permian Resources Corporation by purchasing 20,872 shares valued at approximately $289,000.
• Major hedge funds have also increased their stakes in Permian Resources, with notable investments from Barrow Hanley Mewhinney & Strauss LLC, Dimensional Fund Advisors, and Nuveen LLC.
• Analysts have given Permian Resources an overall rating of "Buy," with a consensus target price of $18.53, while recently updated price targets range from $16.00 to $21.00.

AlphaQuest LLC purchased a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 20,872 shares of the company's stock, valued at approximately $289,000.

A number of other hedge funds have also bought and sold shares of PR. Allworth Financial LP lifted its holdings in Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after acquiring an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC purchased a new stake in Permian Resources in the first quarter worth $30,000. Keystone Global Partners LLC purchased a new stake in Permian Resources in the first quarter worth $36,000. Brooklyn Investment Group increased its position in Permian Resources by 433.9% in the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock worth $43,000 after buying an additional 2,534 shares during the last quarter. Finally, Tsfg LLC purchased a new stake in Permian Resources in the first quarter worth $46,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Price Performance

Permian Resources stock traded down $0.14 during midday trading on Friday, hitting $14.32. 8,876,826 shares of the company's stock were exchanged, compared to its average volume of 10,235,610. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The stock has a 50-day moving average price of $13.76 and a two-hundred day moving average price of $13.29. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market cap of $11.46 billion, a P/E ratio of 9.30 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The firm's revenue was down 3.9% on a year-over-year basis. On average, equities research analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.2%. The ex-dividend date is Tuesday, September 16th. Permian Resources's payout ratio is presently 38.96%.

Analyst Ratings Changes

A number of analysts have issued reports on PR shares. Bank of America raised their target price on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Wells Fargo & Company raised their target price on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. William Blair started coverage on Permian Resources in a research report on Monday, August 25th. They issued an "outperform" rating for the company. The Goldman Sachs Group raised their target price on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, Piper Sandler raised their target price on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Permian Resources has a consensus rating of "Buy" and a consensus price target of $18.53.

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.