Ninepoint Partners LP Raises Stake in Permian Resources Co. (NASDAQ:PR)

Ninepoint Partners LP grew its position in Permian Resources Co. (NASDAQ:PR) by 20.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,200,000 shares of the company’s stock after acquiring an additional 200,000 shares during the quarter. Permian Resources comprises 1.7% of Ninepoint Partners LP’s investment portfolio, making the stock its 9th largest holding. Ninepoint Partners LP’s holdings in Permian Resources were worth $16,320,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Permian Resources in the 4th quarter valued at approximately $33,000. Quarry LP purchased a new position in shares of Permian Resources in the 1st quarter valued at approximately $33,000. Clearstead Advisors LLC purchased a new position in Permian Resources during the 3rd quarter worth approximately $45,000. Optimum Investment Advisors purchased a new position in Permian Resources during the 4th quarter worth approximately $50,000. Finally, Sandia Investment Management LP purchased a new position in Permian Resources during the 1st quarter worth approximately $52,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Price Performance

PR traded down $0.01 on Friday, hitting $17.17. 2,439,520 shares of the company’s stock were exchanged, compared to its average volume of 9,440,050. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $16.31 and a 200-day moving average price of $14.52. The stock has a market cap of $13.25 billion, a price-to-earnings ratio of 14.82 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. As a group, equities analysts anticipate that Permian Resources Co. will post 1.71 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were paid a dividend of $0.05 per share. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.16%. Permian Resources’s payout ratio is 17.24%.

Insider Buying and Selling

In related news, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the sale, the director now directly owns 476,306 shares in the company, valued at $7,482,767.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the transaction, the director now directly owns 476,306 shares in the company, valued at $7,482,767.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the transaction, the director now owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Company insiders own 23.14% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Stifel Nicolaus raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Mizuho raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Company raised their price target on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday. Truist Financial reduced their price target on shares of Permian Resources from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

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.