Permian Resources Corporation $PR Shares Bought by Odyssean LLC

Odyssean LLC grew its stake in Permian Resources Corporation (NYSE:PR) by 91.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 152,374 shares of the company’s stock after buying an additional 72,900 shares during the quarter. Odyssean LLC’s holdings in Permian Resources were worth $2,805,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. AQR Capital Management LLC raised its holdings in Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after acquiring an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in 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 acquiring an additional 852,347 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in 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 acquiring an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Permian Resources by 21.3% in the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after purchasing an additional 16,443 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Stock Performance

NYSE PR opened at $23.38 on Friday. The firm has a market cap of $19.58 billion, a P/E ratio of 15.48 and a beta of 0.49. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $24.09. The business’s 50-day moving average price is $21.00 and its 200 day moving average price is $20.18. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the firm earned $0.28 EPS. Permian Resources’s quarterly revenue was up 55.1% on a year-over-year basis. On average, equities research analysts expect that Permian Resources Corporation will post 2.27 earnings per share for the current year.

Permian Resources Announces Dividend

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

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 5,103 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $12,763,250. This trade represents a 0.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. This represents a 0.35% decrease in their position. 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. In the last 90 days, insiders have sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is owned by corporate insiders.

Key Permian Resources News

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 Analysts Forecast Growth

PR has been the subject of a number of analyst reports. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a research note on Wednesday, August 19th. Mizuho upgraded Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Raymond James Financial reaffirmed a “strong-buy” rating and set a $29.00 price target on shares of Permian Resources in a report on Thursday, August 27th. UBS Group dropped their price objective on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Friday, July 17th. Finally, Roth Capital set a $23.00 target price on Permian Resources and gave the stock a “buy” rating in a research report on Monday, June 22nd. Six research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $23.65.

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.