Permian Resources Co. (NYSE:PR) Shares Bought by Viking Fund Management LLC

Viking Fund Management LLC grew its position in Permian Resources Co. (NYSE:PR - Free Report) by 5.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 821,000 shares of the company's stock after buying an additional 40,000 shares during the quarter. Permian Resources accounts for 1.6% of Viking Fund Management LLC's holdings, making the stock its 10th largest holding. Viking Fund Management LLC owned about 0.10% of Permian Resources worth $11,371,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. NBC Securities Inc. raised its holdings in shares of Permian Resources by 100,064.2% in the 1st quarter. NBC Securities Inc. now owns 53,087 shares of the company's stock valued at $735,000 after purchasing an additional 53,034 shares in the last quarter. Rhumbline Advisers raised its stake in Permian Resources by 0.8% in the first quarter. Rhumbline Advisers now owns 1,695,582 shares of the company's stock worth $23,484,000 after buying an additional 13,560 shares in the last quarter. Beese Fulmer Investment Management Inc. bought a new position in Permian Resources in the first quarter worth approximately $212,000. GAMMA Investing LLC lifted its holdings in Permian Resources by 1,340.4% during the first quarter. GAMMA Investing LLC now owns 92,269 shares of the company's stock worth $1,278,000 after buying an additional 85,863 shares during the period. Finally, First Hawaiian Bank boosted its position in Permian Resources by 6.0% during the 1st quarter. First Hawaiian Bank now owns 102,172 shares of the company's stock valued at $1,415,000 after acquiring an additional 5,744 shares in the last quarter. 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 research reports. Morgan Stanley reduced their price target on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Susquehanna reduced their target price on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. UBS Group raised their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Monday, May 12th. Citigroup lowered shares of Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Finally, Raymond James reiterated a "strong-buy" rating and set a $23.00 price objective (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.56.

Permian Resources Stock Performance

NYSE:PR traded down $0.06 during mid-day trading on Thursday, hitting $13.12. The company's stock had a trading volume of 9,044,220 shares, compared to its average volume of 9,675,308. The business's fifty day moving average is $12.36 and its two-hundred day moving average is $13.76. The stock has a market cap of $10.54 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 4.05 and a beta of 1.24. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $16.95. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the business earned $0.25 earnings per share. The firm's revenue was up 10.7% on a year-over-year basis. Analysts anticipate that Permian Resources Co. will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.57%. Permian Resources's dividend payout ratio is currently 37.04%.

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.