Quantum Portfolio Management LLC Takes $762,000 Position in Permian Resources Corporation $PR

Quantum Portfolio Management LLC acquired a new position in Permian Resources Corporation (NYSE:PR) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 35,737 shares of the company’s stock, valued at approximately $762,000.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Permian Resources by 16.7% in 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 in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Permian Resources by 115.5% in the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. State Street Corp grew its stake in Permian Resources by 2.0% during the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after buying an additional 460,158 shares during the last quarter. Finally, Boston Partners increased its position in Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after buying an additional 7,503,654 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.00% of the stock is currently owned by company insiders.

Permian Resources Stock Performance

PR opened at $19.33 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $22.67. The firm has a 50 day moving average of $19.65 and a two-hundred day moving average of $18.29. The firm has a market capitalization of $16.18 billion, a PE ratio of 22.48 and a beta of 0.46.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the firm earned $0.44 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts anticipate that Permian Resources Corporation will post 1.96 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources’s payout ratio is 74.42%.

Wall Street Analyst Weigh In

PR has been the subject of several recent analyst reports. Mizuho raised their price target on Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Evercore started coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective for the company. Weiss Ratings cut shares of Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 12th. KeyCorp started coverage on shares of Permian Resources in a research report on Tuesday, April 7th. They set an “overweight” rating and a $25.00 target price on the stock. Finally, Piper Sandler raised their price target on shares of Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $23.53.

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.