Encompass Capital Advisors LLC Takes Position in Permian Resources Corporation $PR

Key Points

• Encompass Capital Advisors acquired 1.6 million shares of Permian Resources worth approximately $34.1 million, representing about 0.19% of the company and 1% of the firm’s portfolio. Institutional investors collectively own 91.84% of the stock.
• Permian Resources reported quarterly EPS of $0.39, slightly above analyst expectations, while revenue reached $1.39 billion. The company pays a quarterly dividend of $0.16 per share, yielding approximately 3.2% annually.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $23.29 versus the stock’s recent $20.25 price. Shares have declined 5.1% but remain above their 50-day and 200-day moving averages.

Encompass Capital Advisors LLC acquired a new stake in Permian Resources Corporation (NYSE:PR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,597,811 shares of the company's stock, valued at approximately $34,065,000. Permian Resources comprises about 1.0% of Encompass Capital Advisors LLC's investment portfolio, making the stock its 26th biggest position. Encompass Capital Advisors LLC owned about 0.19% of Permian Resources as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. SJS Investment Consulting Inc. increased its stake in Permian Resources by 1,862.5% during the 1st 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 in the last quarter. SHP Wealth Management acquired a new stake in shares of Permian Resources during the fourth quarter worth $27,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Permian Resources during the first quarter worth $48,000. Los Angeles Capital Management LLC purchased a new stake in shares of Permian Resources during the fourth quarter valued at $39,000. Finally, State of Wyoming grew its holdings in shares of Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after buying an additional 1,640 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.00% of the stock is currently owned by corporate insiders.

Permian Resources Stock Down 5.1%

Permian Resources stock opened at $20.25 on Tuesday. The business's 50-day moving average price is $19.50 and its 200 day moving average price is $18.85. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The firm has a market cap of $16.96 billion, a price-to-earnings ratio of 23.55 and a beta of 0.46. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the company posted $0.44 earnings per share. Permian Resources's revenue for the quarter was up .9% on a year-over-year basis. As a group, sell-side analysts anticipate that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources's payout ratio is 74.42%.

Wall Street Analyst Weigh In

PR has been the subject of a number of research analyst reports. Truist Financial reduced their target price on Permian Resources from $25.00 to $22.00 and set a "buy" rating for the company in a research note on Monday, July 13th. UBS Group lowered their price target on Permian Resources from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Friday, July 17th. Zacks Research downgraded Permian Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 22nd. Mizuho increased their price objective on Permian Resources from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, BMO Capital Markets upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 7th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Permian Resources has an average rating of "Buy" and a consensus target price of $23.29.

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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