Entropy Technologies LP Grows Holdings in Permian Resources Corporation $PR

Key Points

• Entropy Technologies LP increased its stake in Permian Resources by 531.4% in Q1, ending with 297,174 shares worth about $6.34 million.
• Several other institutional investors also boosted or initiated positions, and 91.84% of Permian Resources’ stock is now held by institutions and hedge funds.
• Analysts remain mostly bullish: the stock has a consensus Buy rating with an average price target of $23.29, while the company also reported quarterly EPS of $0.39, slightly beating estimates.

Entropy Technologies LP raised its position in Permian Resources Corporation (NYSE:PR - Free Report) by 531.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 297,174 shares of the company's stock after buying an additional 250,108 shares during the period. Entropy Technologies LP's holdings in Permian Resources were worth $6,336,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. SJS Investment Consulting Inc. lifted its stake in shares of Permian Resources by 1,862.5% in the first 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. SHP Wealth Management purchased a new position in Permian Resources in the fourth quarter valued at about $27,000. Cedar Mountain Advisors LLC acquired a new stake in Permian Resources during the 1st quarter valued at approximately $48,000. Los Angeles Capital Management LLC acquired a new stake in Permian Resources during the 4th quarter valued at approximately $39,000. Finally, State of Wyoming raised its position in shares of Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after purchasing an additional 1,640 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PR has been the subject of a number of recent analyst reports. Citigroup decreased their price target on shares of Permian Resources from $26.00 to $24.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. Mizuho upped their price target on shares of Permian Resources from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Evercore began coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 price objective on the stock. UBS Group decreased their price objective on shares of Permian Resources from $25.00 to $24.00 and set a "buy" rating for the company in a report on Friday, July 17th. Finally, Roth Capital set a $23.00 target price on shares of Permian Resources and gave the stock a "buy" rating in a research report on Monday, June 22nd. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $23.29.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated 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 of the company's stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 5.00% of the company's stock.

Permian Resources Price Performance

Shares of NYSE PR opened at $21.34 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $17.87 billion, a price-to-earnings ratio of 24.82 and a beta of 0.46. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $22.67. The business has a 50 day simple moving average of $19.51 and a 200-day simple moving average of $18.77.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to analysts' expectations 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 for the quarter was up .9% on a year-over-year basis. During the same period last year, the business posted $0.44 earnings per share. As a group, equities research analysts expect that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Tuesday, June 16th. Permian Resources's dividend payout ratio (DPR) 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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