Van ECK Associates Corp Has $19.78 Million Stock Position in Permian Resources Co. (NASDAQ:PR)

Van ECK Associates Corp grew its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 89.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,454,734 shares of the company’s stock after acquiring an additional 688,434 shares during the quarter. Van ECK Associates Corp owned 0.19% of Permian Resources worth $19,784,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PR. Tower Research Capital LLC TRC increased its holdings in Permian Resources by 317.9% in the 3rd 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 in the last quarter. Zweig DiMenna Associates LLC boosted its position in Permian Resources by 35.6% during the 3rd quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company’s stock worth $6,998,000 after buying an additional 131,500 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Permian Resources by 110.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,089 shares of the company’s stock worth $1,565,000 after acquiring an additional 60,474 shares during the last quarter. Comerica Bank increased its position in Permian Resources by 110,645.5% in the 3rd 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. Finally, Vaughan Nelson Investment Management L.P. raised its stake in shares of Permian Resources by 7.2% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock valued at $42,584,000 after acquiring an additional 210,870 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PR. Truist Financial lifted their target price on Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Citigroup increased their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Benchmark reaffirmed a “buy” rating and set a $17.00 price target on shares of Permian Resources in a research report on Tuesday, April 23rd. Raymond James started coverage on Permian Resources in a research report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. 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 company presently has a consensus rating of “Moderate Buy” and an average price target of $19.31.

Insider Activity at Permian Resources

In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the sale, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction 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 sale, 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 quarter, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of NASDAQ PR opened at $16.43 on Thursday. The stock’s 50 day moving average price is $16.80 and its 200-day moving average price is $14.74. The company has a market capitalization of $12.68 billion, a PE ratio of 12.69 and a beta of 4.32. Permian Resources Co. has a twelve month low of $8.94 and a twelve month high of $18.28. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42.

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

Permian Resources Announces Dividend

The business also recently declared 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 of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.22%. Permian Resources’s dividend payout ratio (DPR) is presently 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.