Geode Capital Management LLC Raises Holdings in Permian Resources Corporation $PR

Geode Capital Management LLC grew its position in Permian Resources Corporation (NYSE:PR) by 3.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,291,523 shares of the company’s stock after buying an additional 382,777 shares during the quarter. Geode Capital Management LLC’s holdings in Permian Resources were worth $186,534,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC lifted its stake in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after purchasing an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after purchasing an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after purchasing an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of Permian Resources by 21.3% during the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock worth $1,274,000 after purchasing an additional 16,443 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Trading Up 2.6%

Permian Resources stock opened at $20.23 on Thursday. The stock has a 50-day moving average of $20.55 and a two-hundred day moving average of $17.48. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The stock has a market cap of $16.94 billion, a PE ratio of 23.52 and a beta of 0.48.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 earnings per share. On average, research analysts anticipate that Permian Resources Corporation will post 2 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. Permian Resources’s dividend payout ratio is currently 74.42%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PR shares. KeyCorp started coverage on Permian Resources in a research note on Tuesday, April 7th. They set an “overweight” rating and a $25.00 price objective for the company. Weiss Ratings cut Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 12th. TD Cowen upped their price objective on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Citigroup upped their price objective on Permian Resources from $21.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, March 31st. Finally, Roth Mkm restated a “neutral” rating and set a $22.00 price objective (up from $20.00) on shares of Permian Resources in a research note on Wednesday, April 8th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.69.

Insider Transactions at Permian Resources

In other news, Director Aron Marquez sold 7,750 shares of the stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total value of $152,055.00. Following the transaction, the director directly owned 72,218 shares of the company’s stock, valued at approximately $1,416,917.16. This represents a 9.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey Tepper sold 50,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the completion of the transaction, the director directly owned 150,546 shares in the company, valued at $2,917,581.48. This represents a 24.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,438,198 shares of company stock valued at $27,865,280 over the last three months. Company insiders own 5.00% of the company’s stock.

Permian Resources Company 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.