SCS Capital Management LLC Makes New Investment in Permian Resources Corporation $PR

Key Points

• SCS Capital Management LLC has acquired a new stake in Permian Resources Corporation, buying 140,335 shares valued at approximately $1.94 million during the first quarter of the year.
• Permian Resources announced a quarterly dividend of $0.15 per share, translating to an annualized yield of 4.4%, set to be paid on September 30th.
• Equities analysts have a consensus rating of "Buy" for Permian Resources, with a target price of $18.47, reflecting positive sentiment from major investment firms.

SCS Capital Management LLC acquired a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 140,335 shares of the company's stock, valued at approximately $1,944,000.

A number of other hedge funds also recently made changes to their positions in PR. Allworth Financial LP grew its position in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after purchasing an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Permian Resources during the first quarter worth about $30,000. Keystone Global Partners LLC purchased a new stake in shares of Permian Resources during the first quarter worth about $36,000. Brooklyn Investment Group grew its position in shares of Permian Resources by 433.9% during the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock worth $43,000 after purchasing an additional 2,534 shares in the last quarter. Finally, Tsfg LLC purchased a new stake in shares of Permian Resources during the first quarter worth about $46,000. 91.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Bank of America increased their target price on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Raymond James Financial cut their target price on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a research report on Tuesday, September 2nd. Piper Sandler increased their target price on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Wells Fargo & Company increased their target price on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Finally, Susquehanna increased their target price on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $18.47.

Insider Activity at Permian Resources

In other news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the sale, the executive vice president directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the sale, the executive vice president 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 disclosure for this sale can be found here. Corporate insiders own 6.44% of the company's stock.

Permian Resources Trading Down 1.8%

Shares of NYSE PR traded down $0.25 during midday trading on Friday, hitting $13.70. The company's stock had a trading volume of 6,721,651 shares, compared to its average volume of 8,764,145. 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 business's 50 day moving average is $13.78 and its two-hundred day moving average is $13.29. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.33. The firm has a market cap of $10.97 billion, a P/E ratio of 8.90 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the business posted $0.39 earnings per share. The company's revenue for the quarter was down 3.9% on a year-over-year basis. As a group, equities research analysts expect that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 38.96%.

About Permian Resources

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.