Horizon Investments LLC Acquires 187,903 Shares of Permian Resources Corporation $PR

Horizon Investments LLC boosted its holdings in Permian Resources Corporation (NYSE:PR) by 80.8% in the 4th quarter, HoldingsChannel reports. The firm owned 420,448 shares of the company’s stock after purchasing an additional 187,903 shares during the quarter. Horizon Investments LLC’s holdings in Permian Resources were worth $5,899,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Boston Partners raised its holdings 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 acquiring an additional 7,503,654 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Permian Resources by 10.4% during the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock worth $914,733,000 after acquiring an additional 6,705,644 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Permian Resources by 210.6% during the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after acquiring an additional 6,678,814 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after acquiring an additional 4,691,280 shares in the last quarter. Finally, Merewether Investment Management LP raised its holdings in shares of Permian Resources by 63.5% during the 3rd quarter. Merewether Investment Management LP now owns 8,836,137 shares of the company’s stock worth $113,103,000 after acquiring an additional 3,431,900 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Down 0.2%

Shares of PR opened at $22.07 on Monday. The company has a market cap of $18.45 billion, a PE ratio of 17.65, a P/E/G ratio of 1.25 and a beta of 0.52. The business has a fifty day moving average of $19.92 and a 200 day moving average of $16.30. Permian Resources Corporation has a 52-week low of $11.64 and a 52-week high of $22.11. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.Permian Resources’s revenue was down 9.8% on a year-over-year basis. During the same period last year, the company earned $0.36 earnings per share. On average, sell-side analysts expect that Permian Resources Corporation will post 1.92 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were paid a $0.16 dividend. The ex-dividend date was Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 2.9%. Permian Resources’s payout ratio is 51.20%.

Insiders Place Their Bets

In other Permian Resources news, Director Aron Marquez sold 7,750 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total value of $152,055.00. Following the sale, the director owned 72,218 shares in the company, valued at $1,416,917.16. This trade represents a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Guy M. Oliphint sold 4,999 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.28, for a total value of $91,381.72. Following the completion of the sale, the executive vice president owned 605,272 shares in the company, valued at approximately $11,064,372.16. The trade was a 0.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 3,130,066 shares of company stock valued at $58,837,655. Insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on PR shares. Raymond James Financial reaffirmed a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a report on Thursday, February 26th. Benchmark cut Permian Resources from a “buy” rating to a “hold” rating in a report on Thursday, March 5th. UBS Group upped their price objective on Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Scotiabank upped their price objective on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Finally, Truist Financial upped their price objective on Permian Resources from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $22.38.

Permian Resources Profile

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.