AlphaQuest LLC Takes Position 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 bought a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 20,872 shares of the company's stock, valued at approximately $289,000.

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

Analyst Upgrades and Downgrades

A number of research analysts have commented on PR shares. The Goldman Sachs Group upped their price target on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Bank of America lifted their target price on shares of Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Wall Street Zen downgraded shares of Permian Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Piper Sandler increased their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Finally, TD Cowen upgraded Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Permian Resources presently has an average rating of "Buy" and an average target price of $18.47.

Permian Resources Stock Down 3.3%

Shares of PR traded down $0.48 during midday trading on Wednesday, hitting $14.03. The stock had a trading volume of 3,178,427 shares, compared to its average volume of 10,075,565. The firm has a market cap of $11.23 billion, a price-to-earnings ratio of 9.13 and a beta of 1.42. The company has a 50 day simple moving average of $13.78 and a two-hundred day simple moving average of $13.30. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting 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 company posted $0.39 earnings per share. The firm's revenue for the quarter was down 3.9% compared to the same quarter last year. On average, analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.3%. Permian Resources's dividend payout ratio is presently 38.96%.

Permian Resources Company 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.