Cinctive Capital Management LP Purchases Shares of 141,540 Permian Resources Co. (NYSE:PR)

Cinctive Capital Management LP acquired a new position in shares of Permian Resources Co. (NYSE:PR) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 141,540 shares of the company’s stock, valued at approximately $1,926,000.

A number of other institutional investors also recently made changes to their positions in PR. Innealta Capital LLC acquired a new position in shares of Permian Resources in the second quarter valued at about $30,000. Hexagon Capital Partners LLC boosted its holdings in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares during the period. Gilliland Jeter Wealth Management LLC acquired a new position in shares of Permian Resources during the 2nd quarter worth approximately $40,000. UMB Bank n.a. raised its position in shares of Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Permian Resources by 399.5% in the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after buying an additional 2,629 shares during the period. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PR. Benchmark lowered their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Truist Financial increased their target price on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. 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. Mizuho decreased their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Finally, Piper Sandler upped their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Two 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Up 2.0 %

Shares of PR opened at $15.58 on Wednesday. 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 Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The stock has a market capitalization of $12.52 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 0.92 and a beta of 4.35. The stock has a fifty day moving average of $14.48 and a 200-day moving average of $14.89.

Permian Resources (NYSE:PR) last announced its quarterly earnings results 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 return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the firm posted $0.36 earnings per share. The business’s revenue for the quarter was up 60.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

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

Permian Resources 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.