L. Roy Papp & Associates LLP Has $1.15 Million Stock Position in Permian Resources Corporation $PR

Key Points

• L. Roy Papp & Associates LLP increased its stake in Permian Resources Corporation by 45% in the second quarter, holding 84,267 shares valued at approximately $1.15 million.
• Several hedge funds have significantly increased their positions in Permian Resources, with 91.84% of the stock now owned by institutional investors.
• Permian Resources has announced a quarterly dividend of $0.15 per share, providing a yield of 4.7% and a payout ratio of 38.96%.

L. Roy Papp & Associates LLP grew its position in Permian Resources Corporation (NYSE:PR - Free Report) by 45.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 84,267 shares of the company's stock after buying an additional 26,144 shares during the period. L. Roy Papp & Associates LLP's holdings in Permian Resources were worth $1,148,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

PR has been the subject of several research reports. Royal Bank Of Canada lifted their target price on Permian Resources from $17.00 to $18.00 and gave the company an "outperform" rating in a research note on Thursday. Raymond James Financial reduced their price target on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a research report on Tuesday, September 2nd. TD Cowen upgraded Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Wall Street Zen lowered Permian Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Mizuho reduced their price target on Permian Resources from $20.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $18.69.

Insider Activity

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the transaction, the executive vice president directly owned 91,805 shares in the company, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.44% of the company's stock.

Permian Resources Stock Performance

PR stock opened at $12.79 on Friday. The business's 50-day moving average price is $13.51 and its two-hundred day moving average price is $13.27. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The firm has a market cap of $10.23 billion, a PE ratio of 8.30 and a beta of 1.32. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company's revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. As a group, 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 was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.7%. Permian Resources's payout ratio is currently 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.

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