KLP Kapitalforvaltning AS Has $1.80 Million Stock Holdings in Permian Resources Corporation $PR

KLP Kapitalforvaltning AS increased its stake in shares of Permian Resources Corporation (NYSE:PR) by 5.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 131,884 shares of the company’s stock after purchasing an additional 7,400 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Permian Resources were worth $1,796,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Allworth Financial LP grew its holdings in Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after acquiring an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in Permian Resources during the 1st quarter worth approximately $30,000. Keystone Global Partners LLC bought a new stake in shares of Permian Resources in the 1st quarter valued at $36,000. Brooklyn Investment Group boosted its stake in shares of Permian Resources by 433.9% in the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock valued at $43,000 after purchasing an additional 2,534 shares during the last quarter. Finally, Tsfg LLC bought a new stake in shares of Permian Resources in the 1st quarter valued at $46,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Piper Sandler upped their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Morgan Stanley increased their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Scotiabank assumed coverage on shares of Permian Resources in a research note on Friday, September 19th. They set a “sector outperform” rating and a $21.00 target price on the stock. UBS Group upped their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Finally, TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a research note on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $18.69.

Permian Resources Stock Down 4.6%

Permian Resources stock opened at $12.22 on Monday. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33. The firm has a market capitalization of $9.78 billion, a price-to-earnings ratio of 7.93 and a beta of 1.32. The firm’s fifty day moving average price is $13.48 and its two-hundred day moving average price is $13.24. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.39 earnings per share. On average, equities research analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a $0.15 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.9%. Permian Resources’s dividend payout ratio is currently 38.96%.

Insider Activity

In other news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the sale, the executive vice president owned 91,805 shares in the company, valued at $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

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.