Leeward Investments LLC MA Boosts Stake in Permian Resources Co. (NASDAQ:PR)

Leeward Investments LLC MA grew its stake in shares of Permian Resources Co. (NASDAQ:PR) by 5.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,307,492 shares of the company’s stock after acquiring an additional 120,007 shares during the period. Permian Resources makes up approximately 1.5% of Leeward Investments LLC MA’s portfolio, making the stock its 5th biggest position. Leeward Investments LLC MA’s holdings in Permian Resources were worth $31,382,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC grew its stake in shares of Permian Resources by 317.9% in the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after purchasing an additional 18,398 shares during the last quarter. Zweig DiMenna Associates LLC grew its stake in shares of Permian Resources by 35.6% in the third quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company’s stock worth $6,998,000 after purchasing an additional 131,500 shares during the last quarter. Comerica Bank grew its stake in shares of Permian Resources by 110,645.5% in the third quarter. Comerica Bank now owns 946,874 shares of the company’s stock worth $13,218,000 after purchasing an additional 946,019 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Permian Resources by 7.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock worth $42,584,000 after purchasing an additional 210,870 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in Permian Resources by 26.1% in the fourth quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock valued at $8,624,000 after buying an additional 131,078 shares during the period. Institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling

In related news, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the sale, the director now owns 476,306 shares in the company, valued at approximately $7,482,767.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the completion of the sale, the director now directly owns 476,306 shares of the company’s stock, valued at approximately $7,482,767.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock worth $516,796,999 in the last quarter. Insiders own 23.14% of the company’s stock.

Permian Resources Price Performance

Shares of NASDAQ PR opened at $17.37 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources Co. has a 1-year low of $8.94 and a 1-year high of $18.28. The firm has a market capitalization of $13.41 billion, a P/E ratio of 14.97 and a beta of 4.35. The firm’s 50-day moving average price is $16.69 and its 200-day moving average price is $14.69.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Equities research analysts anticipate that Permian Resources Co. will post 1.66 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.15%. Permian Resources’s dividend payout ratio is presently 17.24%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on PR shares. Bank of America started coverage on shares of Permian Resources in a report on Friday, January 5th. They issued a “neutral” rating and a $15.00 target price on the stock. Citigroup boosted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, March 1st. Raymond James started coverage on shares of Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 target price on the stock. Susquehanna boosted their target price on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. Finally, Truist Financial boosted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.31.

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.