King Luther Capital Management Corp grew its holdings in Permian Resources Co. (NASDAQ:PR – Free Report) by 36.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 947,604 shares of the company’s stock after purchasing an additional 254,599 shares during the period. King Luther Capital Management Corp owned about 0.17% of Permian Resources worth $10,386,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Quarry LP acquired a new position in Permian Resources during the first quarter valued at approximately $33,000. Arcadia Investment Management Corp MI grew its stake in shares of Permian Resources by 130.9% in the first quarter. Arcadia Investment Management Corp MI now owns 4,103 shares of the company’s stock valued at $43,000 after buying an additional 2,326 shares in the last quarter. Sandia Investment Management LP acquired a new position in Permian Resources during the first quarter worth $52,000. Nisa Investment Advisors LLC increased its holdings in Permian Resources by 299.0% during the first quarter. Nisa Investment Advisors LLC now owns 5,458 shares of the company’s stock worth $57,000 after buying an additional 4,090 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Permian Resources during the third quarter worth $64,000. Institutional investors own 53.49% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have recently commented on the company. UBS Group lifted their target price on Permian Resources from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 4th. Stifel Nicolaus upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, September 5th. Wells Fargo & Company initiated coverage on shares of Permian Resources in a research report on Wednesday, November 15th. They set an “overweight” rating and a $17.00 price objective for the company. Citigroup upped their target price on Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Finally, Benchmark lifted their price target on Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, October 18th. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.31.
In other Permian Resources news, major shareholder Xi Us Holdings L.P. Ngp sold 24,667,500 shares of the company’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $12.69, for a total transaction of $313,030,575.00. Following the completion of the sale, the insider now directly owns 44,359,656 shares in the company, valued at $562,924,034.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Permian Resources news, EVP John Charles Bell sold 4,588 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $14.84, for a total value of $68,085.92. Following the sale, the executive vice president now owns 53,517 shares in the company, valued at $794,192.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Xi Us Holdings L.P. Ngp sold 24,667,500 shares of the company’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $12.69, for a total transaction of $313,030,575.00. Following the transaction, the insider now owns 44,359,656 shares of the company’s stock, valued at $562,924,034.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,851,987 shares of company stock worth $315,762,280. 23.14% of the stock is currently owned by corporate insiders.
Permian Resources Stock Up 0.4 %
Shares of NASDAQ PR opened at $13.31 on Tuesday. The stock has a market capitalization of $10.30 billion, a P/E ratio of 14.63 and a beta of 4.47. The stock’s fifty day moving average is $13.96 and its 200 day moving average is $12.21. Permian Resources Co. has a 52 week low of $8.43 and a 52 week high of $15.49. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.74.
Permian Resources Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Monday, November 20th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Friday, November 17th. Permian Resources’s dividend payout ratio is currently 21.98%.
Permian Resources 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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks in Reeves County, West Texas and Lea County, New Mexico.
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