Ninety One UK Ltd Purchases New Shares in Permian Resources Corporation $PR

Ninety One UK Ltd acquired a new position in shares of Permian Resources Corporation (NYSE:PR) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 1,211,883 shares of the company’s stock, valued at approximately $25,595,000.

Several other institutional investors have also recently modified their holdings of PR. Wellington Management Group LLP lifted its stake in Permian Resources by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after buying an additional 763,059 shares in the last quarter. Jennison Associates LLC grew its holdings in Permian Resources by 63.1% during the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after buying an additional 2,411,292 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Permian Resources during the first quarter worth $121,041,000. First Trust Advisors LP increased its position in Permian Resources by 66.6% during the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after buying an additional 2,224,560 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Permian Resources by 1.8% during the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after buying an additional 85,509 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PR shares. Scotiabank started coverage on Permian Resources in a report on Wednesday. They issued a “sector outperform” rating and a $29.00 price target for the company. Truist Financial increased their price objective on Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Monday. Zacks Research raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $27.00 price target on shares of Permian Resources in a research note on Thursday, September 24th. Finally, Citigroup lifted their price target on shares of Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Monday. Five analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Permian Resources currently has an average rating of “Buy” and an average price target of $25.72.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the sale, the executive vice president directly owned 537,400 shares in the company, valued at approximately $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is currently owned by insiders.

Permian Resources Trading Down 2.0%

Shares of PR opened at $23.57 on Friday. The stock has a fifty day moving average of $22.70 and a two-hundred day moving average of $20.96. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The company has a market capitalization of $19.74 billion, a PE ratio of 15.61 and a beta of 0.66. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $24.65.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the company posted $0.28 EPS. The business’s revenue for the quarter was up 55.1% compared to the same quarter last year. As a group, analysts forecast that Permian Resources Corporation will post 2.32 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.7%. The ex-dividend date was Wednesday, September 16th. Permian Resources’s dividend payout ratio is presently 42.38%.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.