Viking Fund Management LLC Raises Stock Position in Permian Resources Co. (NYSE:PR)

Viking Fund Management LLC lifted its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 5.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 821,000 shares of the company's stock after acquiring an additional 40,000 shares during the period. Permian Resources makes up approximately 1.6% of Viking Fund Management LLC's portfolio, making the stock its 10th largest position. Viking Fund Management LLC owned approximately 0.10% of Permian Resources worth $11,371,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Permian Resources by 0.5% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock worth $2,021,000 after purchasing an additional 662 shares during the period. Louisiana State Employees Retirement System grew its position in Permian Resources by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock worth $2,540,000 after purchasing an additional 700 shares during the period. CIBC Asset Management Inc grew its position in Permian Resources by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company's stock worth $226,000 after purchasing an additional 805 shares during the period. Principal Securities Inc. grew its position in Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after purchasing an additional 852 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in Permian Resources by 0.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company's stock worth $1,862,000 after purchasing an additional 900 shares during the period. Institutional investors own 91.84% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on PR. UBS Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Morgan Stanley cut their price objective on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Piper Sandler cut their price objective on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Finally, Raymond James restated a "strong-buy" rating and set a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Permian Resources currently has an average rating of "Moderate Buy" and an average price target of $18.56.

Permian Resources Trading Up 3.6%

NYSE:PR traded up $0.47 during mid-day trading on Friday, hitting $13.58. 11,559,307 shares of the stock traded hands, compared to its average volume of 9,688,442. The stock has a market capitalization of $10.91 billion, a price-to-earnings ratio of 8.23, a PEG ratio of 4.05 and a beta of 1.24. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $16.95. The firm's 50 day moving average is $12.34 and its two-hundred day moving average is $13.74. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly 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). The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 earnings per share. On average, equities research analysts predict that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.15 per share. The ex-dividend date is Monday, June 16th. This represents a $0.60 annualized dividend and a yield of 4.42%. Permian Resources's payout ratio is 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.