Ninepoint Partners LP Purchases Shares of 350,000 Permian Resources Corporation $PR

Ninepoint Partners LP acquired a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 350,000 shares of the company's stock, valued at approximately $6,444,000. Permian Resources makes up 0.5% of Ninepoint Partners LP's holdings, making the stock its 29th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PR. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Permian Resources by 4.0% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company's stock worth $224,000 after acquiring an additional 607 shares during the last quarter. Bessemer Group Inc. raised its position in Permian Resources by 21.3% in the 1st quarter. Bessemer Group Inc. now owns 3,537 shares of the company's stock worth $76,000 after purchasing an additional 621 shares during the last quarter. Waterloo Capital L.P. raised its position in Permian Resources by 3.1% in the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company's stock worth $305,000 after purchasing an additional 657 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its holdings in Permian Resources by 5.4% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company's stock worth $192,000 after buying an additional 706 shares in the last quarter. Finally, Dean Investment Associates LLC lifted its holdings in Permian Resources by 0.3% during the 4th quarter. Dean Investment Associates LLC now owns 265,615 shares of the company's stock worth $3,727,000 after buying an additional 922 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of PR stock opened at $23.80 on Friday. The firm has a market capitalization of $19.93 billion, a price-to-earnings ratio of 15.76 and a beta of 0.48. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $24.09. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The firm has a fifty day moving average of $19.99 and a 200-day moving average of $19.69.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The company's revenue for the quarter was up 55.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 earnings per share. On average, equities research analysts forecast that Permian Resources Corporation will post 2.15 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources's dividend payout ratio is 42.38%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PR. Evercore began coverage on Permian Resources in a research report on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 target price for the company. Weiss Ratings raised Permian Resources from a "hold (c+)" rating to a "buy (b)" rating in a report on Thursday, August 13th. Wells Fargo & Company raised their target price on shares of Permian Resources from $26.00 to $27.00 and gave the company an "overweight" rating in a research note on Thursday, August 13th. Raymond James Financial dropped their price target on shares of Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Wednesday, June 17th. Finally, Truist Financial increased their price objective on shares of Permian Resources from $22.00 to $24.00 and gave the company a "buy" rating in a report on Monday, August 10th. Five analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $23.47.

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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