Encompass More Asset Management Purchases Shares of 36,034 Permian Resources Co. (NYSE:PR)

Encompass More Asset Management acquired a new position in shares of Permian Resources Co. (NYSE:PR) during the fourth quarter, Holdings Channel reports. The fund acquired 36,034 shares of the company’s stock, valued at approximately $518,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PR. Vanguard Personalized Indexing Management LLC boosted its holdings in Permian Resources by 17.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 38,574 shares of the company’s stock worth $623,000 after acquiring an additional 5,680 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Permian Resources in the 2nd quarter valued at $2,713,000. EverSource Wealth Advisors LLC increased its stake in Permian Resources by 13,902.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 10,642 shares of the company’s stock valued at $163,000 after purchasing an additional 10,566 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of Permian Resources by 738.6% in the second quarter. Bank of Montreal Can now owns 1,136,366 shares of the company’s stock valued at $18,352,000 after buying an additional 1,000,858 shares in the last quarter. Finally, Xponance Inc. grew its holdings in shares of Permian Resources by 11.9% during the second quarter. Xponance Inc. now owns 73,769 shares of the company’s stock valued at $1,191,000 after buying an additional 7,873 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

PR has been the topic of a number of analyst reports. Morgan Stanley began coverage on shares of Permian Resources in a report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price on the stock. Piper Sandler decreased their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. The Goldman Sachs Group began coverage on Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Finally, Truist Financial increased their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $19.06.

Insider Activity

In related news, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

Shares of PR opened at $15.57 on Friday. The stock’s fifty day moving average price is $14.96 and its two-hundred day moving average price is $14.63. Permian Resources Co. has a 1 year low of $12.59 and a 1 year high of $18.28. The firm has a market cap of $12.51 billion, a PE ratio of 9.44, a PEG ratio of 4.60 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping 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 analyst estimates of $1.22 billion. During the same quarter last year, the business earned $0.36 earnings per share. The company’s quarterly revenue was up 60.3% on a year-over-year basis. On average, equities research analysts forecast that Permian Resources Co. will post 1.44 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.85%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is currently 36.36%.

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.