Ensign Peak Advisors Inc Grows Stock Holdings in Permian Resources Co. (NYSE:PR)

Ensign Peak Advisors Inc raised its holdings in shares of Permian Resources Co. (NYSE:PR) by 31.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 399,846 shares of the company’s stock after buying an additional 94,757 shares during the period. Ensign Peak Advisors Inc’s holdings in Permian Resources were worth $5,750,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock worth $944,487,000 after purchasing an additional 870,622 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock worth $469,856,000 after acquiring an additional 12,306,854 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Permian Resources during the 4th quarter worth about $431,676,000. Massachusetts Financial Services Co. MA boosted its stake in shares of Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock worth $265,209,000 after purchasing an additional 291,444 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Permian Resources by 7.2% during the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock valued at $196,025,000 after buying an additional 909,740 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

NYSE:PR opened at $13.96 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a fifty day moving average of $12.53 and a two-hundred day moving average of $13.90. The stock has a market capitalization of $11.22 billion, a PE ratio of 8.46, a P/E/G ratio of 4.05 and a beta of 1.20. Permian Resources Co. has a fifty-two week low of $10.01 and a fifty-two week high of $16.95.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company earned $0.25 earnings per share. As a group, research analysts forecast that Permian Resources Co. will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date is Monday, June 16th. Permian Resources’s dividend payout ratio is currently 37.04%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PR shares. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price objective on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Morgan Stanley dropped their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Williams Trading set a $19.00 target price on shares of Permian Resources in a research report on Wednesday, March 5th. Finally, UBS Group upped their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $18.47.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. This trade represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This trade represents a 160.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is owned by company insiders.

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.