Castleark Management LLC Takes Position in Permian Resources Corporation $PR

Castleark Management LLC bought a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 630,980 shares of the company's stock, valued at approximately $13,452,000. Castleark Management LLC owned approximately 0.08% of Permian Resources at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. SHP Wealth Management bought a new stake in shares of Permian Resources in the 4th quarter valued at about $27,000. SJS Investment Consulting Inc. raised its stake in shares of Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock worth $30,000 after acquiring an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Permian Resources during the 4th quarter worth approximately $39,000. State of Wyoming raised its stake in shares of 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 acquiring an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC purchased a new stake in Permian Resources during the first quarter valued at approximately $48,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PR has been the subject of several recent analyst reports. Weiss Ratings downgraded shares of Permian Resources from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, July 15th. Citigroup decreased their price objective on Permian Resources from $26.00 to $24.00 and set a "buy" rating for the company in a report on Wednesday, July 15th. Wells Fargo & Company set a $26.00 price objective on Permian Resources in a research report on Monday, May 25th. Zacks Research downgraded Permian Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 22nd. Finally, Scotiabank upped their target price on Permian Resources from $21.00 to $25.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 22nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $23.29.

Insiders Place Their Bets

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the transaction, the executive vice president directly owned 542,503 shares of the company's stock, 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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.00% of the company's stock.

Permian Resources Trading Down 0.0%

NYSE:PR opened at $21.34 on Monday. The company has a market capitalization of $17.87 billion, a P/E ratio of 24.82 and a beta of 0.46. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The firm has a fifty day simple moving average of $19.51 and a 200-day simple moving average of $18.81.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned $0.44 EPS. On average, equities research analysts anticipate that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Dividend Announcement

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

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