Quantbot Technologies LP Purchases 99,827 Shares of Permian Resources Co. (NASDAQ:PR)

Quantbot Technologies LP grew its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 38.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 362,037 shares of the company’s stock after buying an additional 99,827 shares during the period. Quantbot Technologies LP’s holdings in Permian Resources were worth $6,394,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Principal Financial Group Inc. raised its stake in Permian Resources by 47.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock valued at $23,466,000 after buying an additional 554,694 shares during the last quarter. Mount Lucas Management LP bought a new position in Permian Resources in the 4th quarter worth about $746,000. DRW Securities LLC purchased a new stake in Permian Resources during the 4th quarter valued at about $1,904,000. Franklin Resources Inc. increased its stake in Permian Resources by 74.2% during the 4th quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock valued at $4,783,000 after purchasing an additional 149,851 shares in the last quarter. Finally, Swiss National Bank raised its holdings in Permian Resources by 31.1% in the fourth quarter. Swiss National Bank now owns 724,348 shares of the company’s stock worth $9,851,000 after buying an additional 171,648 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Price Performance

PR stock traded down $0.24 during trading on Friday, hitting $16.33. 6,521,346 shares of the company’s stock traded hands, compared to its average volume of 10,056,835. Permian Resources Co. has a 52 week low of $10.59 and a 52 week high of $18.28. The stock has a market capitalization of $12.57 billion, a price-to-earnings ratio of 14.86, a P/E/G ratio of 0.64 and a beta of 4.37. The business has a fifty day simple moving average of $16.06 and a 200 day simple moving average of $15.59. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. As a group, research analysts expect that Permian Resources Co. will post 1.76 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.47%. The ex-dividend date was Monday, May 20th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s payout ratio is 21.82%.

Insider Activity

In other news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the sale, the director now directly owns 158,665 shares in the company, valued at $2,605,279.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

PR has been the subject of several research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 price objective on shares of Permian Resources in a report on Thursday. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Wednesday, July 3rd. Wells Fargo & Company raised their target price on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Stifel Nicolaus boosted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, JPMorgan Chase & Co. raised their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Buy” and a consensus target price of $20.57.

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.