HITE Hedge Asset Management LLC Purchases 64,433 Shares of Permian Resources Co. (NYSE:PR)

HITE Hedge Asset Management LLC grew its stake in shares of Permian Resources Co. (NYSE:PR) by 187.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 98,716 shares of the company’s stock after buying an additional 64,433 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Permian Resources were worth $1,344,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of PR. Bank of New York Mellon Corp lifted its stake in Permian Resources by 59.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Merewether Investment Management LP grew its position in shares of Permian Resources by 148.1% in the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after purchasing an additional 3,522,300 shares during the period. Point72 Asset Management L.P. raised its stake in Permian Resources by 16,359.8% during the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after purchasing an additional 3,451,923 shares during the period. Renaissance Technologies LLC boosted its position in Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after buying an additional 1,555,884 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after purchasing an additional 1,543,854 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Down 2.4 %

NYSE:PR opened at $15.28 on Tuesday. The company’s 50-day simple moving average is $14.45 and its 200-day simple moving average is $14.89. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The stock has a market capitalization of $12.28 billion, a P/E ratio of 9.26, a P/E/G ratio of 0.94 and a beta of 4.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter last year, the firm earned $0.36 earnings per share. The firm’s revenue was up 60.3% compared to the same quarter last year. On average, equities analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.93%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is currently 36.36%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PR shares. Wells Fargo & Company cut their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Citigroup cut their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Truist Financial lifted their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. The Goldman Sachs Group started coverage on Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Finally, Piper Sandler upped their price target on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Company 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. 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.