Headlands Technologies LLC Grows Stake in Permian Resources Co. (NASDAQ:PR)

Headlands Technologies LLC grew its position in Permian Resources Co. (NASDAQ:PR) by 584.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,583 shares of the company’s stock after buying an additional 7,329 shares during the quarter. Headlands Technologies LLC’s holdings in Permian Resources were worth $117,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of PR. Tower Research Capital LLC TRC raised its position in 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 acquiring an additional 18,398 shares in the last quarter. Zweig DiMenna Associates LLC raised its holdings in shares of Permian Resources by 35.6% in the 3rd 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 in the last quarter. Comerica Bank raised its holdings in shares of Permian Resources by 110,645.5% during the third quarter. Comerica Bank now owns 946,874 shares of the company’s stock valued at $13,218,000 after acquiring an additional 946,019 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Permian Resources by 110.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,089 shares of the company’s stock valued at $1,565,000 after purchasing an additional 60,474 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted 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 buying an additional 210,870 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,916,943 shares of company stock worth $516,796,999. 12.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PR has been the topic of several recent research reports. Citigroup raised their target price on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Bank of America started coverage on shares of Permian Resources in a research report on Friday, January 5th. They set a “neutral” rating and a $15.00 price objective for the company. Truist Financial upped their price objective on Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. Raymond James initiated coverage on Permian Resources in a report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price target on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.31.

Permian Resources Price Performance

Shares of PR stock opened at $17.54 on Tuesday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $13.54 billion, a price-to-earnings ratio of 15.12 and a beta of 4.35. Permian Resources Co. has a twelve month low of $8.94 and a twelve month high of $18.28. The stock has a fifty day simple moving average of $16.75 and a two-hundred day simple moving average of $14.73.

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

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.14%. Permian Resources’s dividend payout ratio is currently 17.24%.

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.