BTG Pactual Asset Management US LLC Takes $1.66 Million Position in Permian Resources Corporation $PR

BTG Pactual Asset Management US LLC bought a new stake in Permian Resources Corporation (NYSE:PR) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 89,944 shares of the company’s stock, valued at approximately $1,656,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PR. Bank of New York Mellon Corp increased its stake in Permian Resources by 115.5% in the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after buying an additional 13,483,136 shares during the last quarter. Boston Partners increased its position in shares of Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the last quarter. Millennium Management LLC grew its stake in shares of Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after buying an additional 6,678,814 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Permian Resources during the first quarter worth $121,041,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

PR stock opened at $22.70 on Monday. The company’s 50-day moving average price is $20.53 and its two-hundred day moving average price is $19.97. The firm has a market cap of $19.01 billion, a P/E ratio of 15.03 and a beta of 0.47. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $24.09.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same period last year, the firm posted $0.28 earnings per share. On average, analysts anticipate that Permian Resources Corporation will post 2.24 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.8%. Permian Resources’s dividend payout ratio is 42.38%.

Analyst Ratings Changes

Several equities analysts have commented on PR shares. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a report on Friday, July 31st. Evercore started coverage on Permian Resources in a report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 target price for the company. Citigroup decreased their price target on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Raymond James Financial reiterated a “strong-buy” rating and issued a $29.00 price objective on shares of Permian Resources in a research note on Thursday. Finally, Wells Fargo & Company lifted their price target on shares of Permian Resources from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $23.65.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.