Viking Fund Management LLC Has $11.45 Million Stock Holdings in Permian Resources Corporation $PR

Key Points

• Viking Fund Management LLC increased its holdings in Permian Resources Corporation by 2.4% during Q2, owning 841,000 shares valued at approximately $11.45 million.
• Permian Resources recently announced a quarterly dividend of $0.15 per share, yielding 4.5%, with an ex-dividend date set for September 16th.
• Several institutional investors have recently made significant changes to their positions in Permian Resources, with institutional ownership now at 91.84% of the company's stock.

Viking Fund Management LLC boosted its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 2.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 841,000 shares of the company's stock after buying an additional 20,000 shares during the period. Permian Resources accounts for approximately 1.6% of Viking Fund Management LLC's portfolio, making the stock its 15th biggest holding. Viking Fund Management LLC owned about 0.10% of Permian Resources worth $11,454,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC increased its position in Permian Resources by 30.8% during the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock worth $54,000 after buying an additional 921 shares during the period. HighPoint Advisor Group LLC increased its position in Permian Resources by 5.1% during the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company's stock worth $283,000 after buying an additional 986 shares during the period. Vident Advisory LLC increased its position in Permian Resources by 9.9% during the first quarter. Vident Advisory LLC now owns 11,321 shares of the company's stock worth $157,000 after buying an additional 1,019 shares during the period. Creative Financial Designs Inc. ADV increased its position in Permian Resources by 1.8% during the first quarter. Creative Financial Designs Inc. ADV now owns 64,181 shares of the company's stock worth $889,000 after buying an additional 1,106 shares during the period. Finally, SBI Securities Co. Ltd. increased its position in Permian Resources by 18.1% during the first quarter. SBI Securities Co. Ltd. now owns 7,331 shares of the company's stock worth $102,000 after buying an additional 1,122 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler lifted their target price on Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Scotiabank started coverage on Permian Resources in a research note on Friday. They issued a "sector outperform" rating and a $21.00 price target on the stock. Wells Fargo & Company lifted their price objective on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Wednesday, August 13th. Susquehanna lifted their price objective on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a report on Wednesday, July 23rd. Finally, TD Cowen raised Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $18.63.

Permian Resources Trading Up 3.2%

Permian Resources stock traded up $0.43 during trading on Tuesday, hitting $13.81. The company's stock had a trading volume of 5,926,068 shares, compared to its average volume of 10,432,069. The stock's fifty day moving average is $13.69 and its 200 day moving average is $13.31. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market capitalization of $11.05 billion, a price-to-earnings ratio of 8.98 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 EPS for the quarter, meeting analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the business posted $0.39 earnings per share. Permian Resources's revenue for the quarter was down 3.9% on a year-over-year basis. As a group, equities research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.3%. Permian Resources's dividend payout ratio (DPR) is currently 38.96%.

Insider Buying and Selling at Permian Resources

In other news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction 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 $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Charles Bell sold 4,743 shares of the stock in a transaction 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 owned 107,569 shares of the company's stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company's stock.

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.