Permian Resources Corporation $PR Shares Acquired by Tidal Investments LLC

Key Points

• Tidal Investments increased its Permian Resources stake by 60% in the second quarter, adding 144,704 shares to own 385,843 shares valued at approximately $7.1 million. Institutional investors collectively own 91.84% of the company.
• Analysts remain bullish, with the stock carrying a consensus “Buy” rating and a $24.00 price target; Stifel recently initiated coverage with a $30.00 target. Permian Resources also exceeded quarterly expectations, reporting $0.69 EPS and $1.86 billion in revenue, up 55.1% year over year.
• The company declared a quarterly dividend of $0.16 per share, equivalent to an annualized $0.64 payout and a 2.7% yield. Shares opened at $23.77, near their 52-week high of $24.20.

Tidal Investments LLC increased its position in Permian Resources Corporation (NYSE:PR - Free Report) by 60.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 385,843 shares of the company's stock after buying an additional 144,704 shares during the quarter. Tidal Investments LLC's holdings in Permian Resources were worth $7,103,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arlington Capital Management Inc. acquired a new stake in Permian Resources during the second quarter worth about $212,000. Integrated Wealth Concepts LLC lifted its stake in shares of Permian Resources by 15.1% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 33,493 shares of the company's stock valued at $617,000 after purchasing an additional 4,388 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Permian Resources by 1,537.1% in the 2nd quarter. NewEdge Advisors LLC now owns 33,725 shares of the company's stock valued at $621,000 after purchasing an additional 31,665 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Permian Resources by 77.6% during the 2nd quarter. IFP Advisors Inc now owns 8,166 shares of the company's stock worth $150,000 after purchasing an additional 3,567 shares during the period. Finally, Allworth Financial LP grew its holdings in shares of Permian Resources by 32.8% during the 2nd quarter. Allworth Financial LP now owns 18,368 shares of the company's stock worth $338,000 after purchasing an additional 4,536 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PR shares. Truist Financial increased their target price on shares of Permian Resources from $22.00 to $24.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. UBS Group dropped their price objective on shares of Permian Resources from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Friday, July 17th. Roth Capital set a $23.00 target price on shares of Permian Resources and gave the company a "buy" rating in a research note on Monday, June 22nd. Wall Street Zen upgraded shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 8th. Finally, Stifel Nicolaus assumed coverage on shares of Permian Resources in a research report on Thursday. They set a "buy" rating and a $30.00 price target for the company. Six analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $24.00.

Permian Resources Stock Up 0.3%

NYSE PR opened at $23.77 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $24.20. The business has a 50 day moving average price of $21.54 and a two-hundred day moving average price of $20.40. The stock has a market cap of $19.91 billion, a PE ratio of 15.75 and a beta of 0.49.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business's revenue for the quarter was up 55.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.28 earnings per share. As a group, sell-side analysts predict that Permian Resources Corporation will post 2.27 EPS for the current fiscal year.

Permian Resources Dividend Announcement

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

Insider Activity

In related news, EVP Robert Shannon sold 5,104 shares of the business's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the transaction, the executive vice president owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the transaction, the executive vice president directly owned 537,400 shares of the company's stock, valued at $12,763,250. This represents a 0.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock worth $372,851 over the last ninety days. Corporate insiders own 5.00% of the company's stock.

Permian Resources Company Profile

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company's production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.

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