Permian Resources Corporation $PR Shares Acquired by Readystate Asset Management LP

Readystate Asset Management LP grew its holdings in shares of Permian Resources Corporation (NYSE:PR) by 155.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 496,281 shares of the company’s stock after buying an additional 301,791 shares during the period. Readystate Asset Management LP owned 0.06% of Permian Resources worth $9,137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of PR. Dimensional Fund Advisors LP grew its position in 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. Bank of New York Mellon Corp grew its holdings in Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after acquiring an additional 13,483,136 shares during the period. State Street Corp increased its holdings in shares of Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock valued at $330,454,000 after purchasing an additional 460,158 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Permian Resources by 3.9% during the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after acquiring an additional 763,059 shares during the period. Finally, Boston Partners raised its holdings in Permian Resources by 76.2% during the third 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. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

NYSE PR opened at $23.38 on Monday. The business’s 50-day moving average price is $21.00 and its 200 day moving average price is $20.20. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $24.09. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $19.58 billion, a PE ratio of 15.48 and a beta of 0.49.

Permian Resources (NYSE:PR) last released 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. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.Permian Resources’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.28 EPS. On average, research analysts predict that Permian Resources Corporation will post 2.27 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is presently 42.38%.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Guy Oliphint sold 5,103 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the transaction, the executive vice president owned 537,400 shares in the company, valued at $12,763,250. The trade was a 0.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the transaction, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 15,699 shares of company stock valued at $372,851. Corporate insiders own 5.00% of the company’s stock.

Key Headlines Impacting Permian Resources

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Strong quarterly results: Permian Resources reported adjusted earnings of $0.69 per share, exceeding the $0.59 analyst consensus, while revenue of $1.86 billion surpassed the $1.66 billion estimate and increased 55.1% year over year. The results reinforced the company’s growth outlook and helped drive the post-earnings rally. Permian Resources post-earnings performance
• Positive Sentiment: Analyst upgrade: Wells Fargo raised Permian Resources to “strong buy,” adding to an already favorable consensus rating of “Buy.” Six analysts rate the stock a strong buy and 12 rate it a buy, supporting investor confidence.
• Positive Sentiment: Dividend support: The company declared a quarterly dividend of $0.16 per share, equivalent to a $0.64 annualized payout and an approximately 2.7% yield. Its 42.38% payout ratio indicates the dividend is supported by current earnings.
• Neutral Sentiment: Insider sales were limited and tax-related: Three executive vice presidents sold shares worth roughly $121,000 to $130,000 each. The transactions represented less than 1% of each executive’s holdings and were made to cover tax withholding on vested equity awards, reducing their significance as a bearish signal. Permian Resources insider transactions

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PR. Citigroup reduced their target price on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. UBS Group decreased their price objective on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday, July 17th. Weiss Ratings upgraded Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a research report on Thursday, August 13th. Raymond James Financial reissued a “strong-buy” rating and issued a $29.00 target price on shares of Permian Resources in a research note on Thursday, August 27th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research note on Wednesday, August 19th. Six equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $23.65.

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.