Legacy Investment Solutions LLC Buys New Stake in Permian Resources Corporation $PR

Legacy Investment Solutions LLC purchased a new stake in shares of Permian Resources Corporation (NYSE:PR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 9,390 shares of the company’s stock, valued at approximately $128,000.

A number of other institutional investors have also recently modified their holdings of PR. Bank of New York Mellon Corp raised its holdings in Permian Resources by 86.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after purchasing an additional 11,133,354 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Permian Resources by 19.4% in the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock valued at $195,276,000 after buying an additional 2,286,363 shares in the last quarter. Nuveen LLC acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $175,525,000. Invesco Ltd. raised its stake in shares of Permian Resources by 8.9% during the 1st quarter. Invesco Ltd. now owns 8,622,575 shares of the company’s stock worth $119,423,000 after buying an additional 701,825 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Permian Resources by 56.7% during the 1st quarter. Millennium Management LLC now owns 7,578,553 shares of the company’s stock valued at $104,963,000 after buying an additional 2,743,272 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP John Charles Bell sold 4,743 shares of the firm’s 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 directly owned 107,569 shares in the company, valued at approximately $1,528,555.49. This trade represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the transaction, the executive vice president owned 91,805 shares in the company, valued at $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 6.44% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wall Street Zen lowered shares of Permian Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Raymond James Financial decreased their target price on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, September 2nd. Piper Sandler lifted their price target on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 21st. William Blair began coverage on Permian Resources in a research note on Monday, August 25th. They issued an “outperform” rating for the company. Finally, Wells Fargo & Company lowered their target price on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.73.

Permian Resources Price Performance

NYSE:PR opened at $13.24 on Friday. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The stock has a market cap of $10.59 billion, a PE ratio of 12.14 and a beta of 1.31. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.63 and a current ratio of 0.67. The stock has a 50 day moving average price of $13.03 and a 200 day moving average price of $13.32.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the firm posted $0.53 EPS. The business’s quarterly revenue was up 8.7% on a year-over-year basis. Equities research analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.5%. Permian Resources’s dividend payout ratio is currently 55.05%.

About Permian Resources

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.