Prescott Group Capital Management L.L.C. Invests $959,000 in Permian Resources Co. (NASDAQ:PR)

Posted by Scott Davis on May 26th, 2023

Prescott Group Capital Management L.L.C. purchased a new position in Permian Resources Co. (NASDAQ:PR – Get Rating) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 102,000 shares of the company’s stock, valued at approximately $959,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Riverstone Holdings LLC purchased a new stake in shares of Permian Resources in the third quarter valued at approximately $468,238,000. Vanguard Group Inc. bought a new position in Permian Resources in the third quarter worth approximately $112,804,000. State Street Corp bought a new position in Permian Resources in the third quarter worth approximately $100,979,000. Dimensional Fund Advisors LP bought a new position in Permian Resources in the third quarter worth approximately $89,649,000. Finally, Frontier Capital Management Co. LLC bought a new position in Permian Resources in the third quarter worth approximately $45,568,000. Hedge funds and other institutional investors own 88.44% of the company’s stock.

Insider Buying and Selling at Permian Resources

In other news, major shareholder Xi Us Holdings L.P. Ngp sold 17,304,930 shares of Permian Resources stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $10.70, for a total value of $185,162,751.00. Following the sale, the insider now owns 60,792,641 shares of the company’s stock, valued at $650,481,258.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, major shareholder Xi Us Holdings L.P. Ngp sold 17,304,930 shares of Permian Resources stock in a transaction dated Friday, March 10th. The shares were sold at an average price of $10.70, for a total value of $185,162,751.00. Following the sale, the insider now owns 60,792,641 shares of the company’s stock, valued at $650,481,258.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Matthew R. Garrison sold 40,000 shares of Permian Resources stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $12.00, for a total transaction of $480,000.00. Following the completion of the sale, the chief operating officer now directly owns 1,062,985 shares in the company, valued at approximately $12,755,820. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,665,000 shares of company stock worth $338,867,500. 23.14% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on PR shares. Cowen raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price objective for the company in a research note on Wednesday, March 1st. Piper Sandler upped their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company an “overweight” rating in a report on Tuesday, March 7th. TheStreet raised shares of Permian Resources from a “c” rating to a “b” rating in a report on Monday, May 8th. Susquehanna lowered their target price on shares of Permian Resources from $12.00 to $11.00 in a research note on Wednesday, May 10th. Finally, Stifel Nicolaus increased their target price on shares of Permian Resources from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Thursday, April 13th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.00.

Permian Resources Stock Down 0.7 %

NASDAQ:PR traded down $0.07 during midday trading on Friday, hitting $9.41. 1,474,158 shares of the company were exchanged, compared to its average volume of 7,159,657. The company has a fifty day simple moving average of $10.18 and a 200 day simple moving average of $10.09. Permian Resources Co. has a fifty-two week low of $5.08 and a fifty-two week high of $12.05. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $5.27 billion, a PE ratio of 5.60 and a beta of 4.51.

Permian Resources (NASDAQ:PR – Get Rating) last announced its quarterly earnings results on Wednesday, February 22nd. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.06). The company had revenue of $761.56 million for the quarter, compared to analyst estimates of $736.00 million. Permian Resources had a return on equity of 13.18% and a net margin of 25.05%. As a group, equities analysts anticipate that Permian Resources Co. will post 1.94 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 24th. Shareholders of record on Tuesday, May 16th were paid a $0.05 dividend. The ex-dividend date of this dividend was Monday, May 15th. This represents a $0.20 dividend on an annualized basis and a yield of 2.13%. Permian Resources’s dividend payout ratio is presently 10.70%.

Permian Resources Company Profile

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Permian Resources Corp. engages in the exploration and production of oil and natural gas. It also focuses on driving sustainable returns through the responsible acquisition, optimization, and development of crude oil. The company was founded on October 6, 2014 and is headquartered in Midland, TX.