On September 19, 2023, it was reported that Harbor Capital Advisors Inc. had acquired a new position in Permian Resources Co. (NASDAQ:PR) during the second quarter. According to their recent 13F filing with the Securities & Exchange Commission, the institutional investor purchased 86,075 shares of PR’s stock, valued at approximately $943,000.
Permian Resources (NASDAQ:PR) released its quarterly earnings data on August 2nd. The company reported an EPS of $0.27 for the quarter, falling short of analysts’ consensus estimates of $0.33 by ($0.06). The return on equity for Permian Resources was recorded at 10.67%, with a net margin of 18.93%. The business generated a revenue of $623.40 million during the quarter, which was lower than analysts’ expectations of $660.10 million. In comparison to the previous year’s figures, the company earned $0.61 earnings per share during the same period. However, despite missing estimates this quarter, Permian Resources saw a year-over-year increase in quarterly revenue by 31.9%. Analysts anticipate that Permian Resources Co.’s current fiscal year will post an earnings per share of 1.44.
Various brokerages have recently provided their assessments of PR stock. On June 13th, 500.com maintained its rating on Permian Resources shares as “maintains” in a research report. Stifel Nicolaus also chimed in with positive feedback on September 5th, increasing their price objective from $18.00 to $20.00 and giving the company a “buy” rating in another research report.Trust Financial raised their price objective from $16 to $18 and also gave a “buy” rating to the company in a research report on August 22nd.UBS Group increased its price objective from $12.00 to $13.00 and labeled the company as “neutral” in their research report on August 17th. Mizuho also joined in on the positive outlook, raising their price objective from $16.00 to $17.00 and providing a “buy” rating in their research report on August 22nd.
Permian Resources currently has a consensus rating of “Moderate Buy” based on data from Bloomberg.com, with a consensus target price of $15.23 according to the same source.
This recent acquisition by Harbor Capital Advisors Inc., along with Permian Resources’ quarterly earnings performance, demonstrates the ongoing interest and evaluation of PR stock among various institutions and brokerages. Investors will be closely monitoring future developments and announcements from Permian Resources Co., as well as keeping an eye on any updates from these reputable brokerages regarding their ratings and price targets for PR stock.
Vermilion Energy Inc.
VET
Buy
Updated on: 28/09/2023
Healthy 
Investor Interest in Permian Resources Co. Grows as Hedge Funds and Institutional Investors Purchase Shares
Permian Resources Co. (NASDAQ:PR), a prominent player in the energy sector, has been drawing attention from various hedge funds and institutional investors. The latest round of investments indicates growing interest in the company, as several firms have purchased and sold shares in recent months.
One of the notable investors is Quarry LP, which acquired a new stake in Permian Resources during the first quarter. This significant investment was valued at approximately $33,000. Another investor, Arcadia Investment Management Corp MI, increased its holdings by an impressive 130.9% in the same period. The firm now owns 4,103 shares of Permian Resources stock valued at $43,000 after buying an additional 2,326 shares.
Harbor Investment Advisory LLC and Sandia Investment Management LP also entered into the mix by acquiring stakes worth around $50,000 and $52,000 respectively during the first quarter. Nisa Investment Advisors LLC joined the bandwagon by increasing its holdings by 299%, buying an additional 4,090 shares valued at approximately $57,000.
It should be noted that these hedge funds and institutional investors collectively own a substantial percentage of Permian Resources’ stock—around 53.49%. Such market activity implies a strong belief in the company’s potential for growth and profitability.
In other news related to Permian Resources Co., CAO Brent P. Jensen recently sold a significant number of shares on two separate occasions. On Thursday, September 14th alone, he unloaded 8,082 shares at an average price of $14.30 per share. This resulted in a total transaction amounting to $115,572.60.
The chief accounting officer currently holds more than a million shares directly and has become a significant player within the organization with stocks valued at approximately $18 million.
Permian Resources continues to be active in terms of insider selling activity across multiple transactions over recent months. In fact, insiders have sold 914,863 shares within the past ninety days alone. This equates to a total value of $10,933,827.
When it comes to market performance, Permian Resources stock opened at a price of $13.54 on Tuesday. The company’s shares have reached impressive highs and lows over the past year, with a range between $6.12 and $15.30.
With a market capitalization of $7.66 billion, Permian Resources is considered a substantial player in the energy sector. The company has maintained a P/E ratio of 9.15 and exhibits a beta of 4.47—an indication of its volatility compared to the broader market.
The firm’s financial stability is evident with its quick ratio and current ratio both sitting at 0.59—a testament to its ability to quickly meet short-term obligations. Additionally, Permian Resources boasts an optimal debt-to-equity ratio of 0.35, highlighting prudent financial management.
As the energy sector continues to evolve and face various challenges, companies like Permian Resources Co. are worth keeping an eye on due to their strategic market positions and potential for further growth and profitability in the future.
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