Mount Lucas Management LP Boosts Stock Position in Permian Resources Co. (NASDAQ:PR)

Mount Lucas Management LP raised its holdings in Permian Resources Co. (NASDAQ:PR) by 94.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 98,880 shares of the company’s stock after buying an additional 48,116 shares during the quarter. Mount Lucas Management LP’s holdings in Permian Resources were worth $1,597,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new stake in Permian Resources in the 1st quarter valued at about $25,000. YHB Investment Advisors Inc. purchased a new stake in shares of Permian Resources during the 1st quarter worth about $26,000. Parallel Advisors LLC grew its holdings in shares of Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares during the period. Innealta Capital LLC purchased a new stake in shares of Permian Resources during the 2nd quarter worth about $30,000. Finally, Rise Advisors LLC purchased a new stake in shares of Permian Resources during the 1st quarter worth about $32,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PR shares. UBS Group decreased their target price on Permian Resources from $21.00 to $19.00 and set a “buy” rating for the company in a report on Friday, August 9th. BMO Capital Markets raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Wednesday, July 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a research report on Monday, August 12th. Wolfe Research initiated coverage on Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Susquehanna reduced their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.93.

Permian Resources Price Performance

Shares of Permian Resources stock traded down $0.23 during trading on Friday, hitting $13.25. The stock had a trading volume of 8,499,153 shares, compared to its average volume of 6,988,143. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market cap of $10.63 billion, a P/E ratio of 12.05, a PEG ratio of 0.73 and a beta of 4.33. The business has a fifty day moving average of $15.08 and a two-hundred day moving average of $15.97. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the business posted $0.27 earnings per share. Permian Resources’s revenue was up 99.9% compared to the same quarter last year. On average, sell-side analysts expect that Permian Resources Co. will post 1.63 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.81%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio is currently 21.82%.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

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.