Permian Resources Corporation $PR Stake Increased by Readystate Asset Management LP

Readystate Asset Management LP boosted its stake in Permian Resources Corporation (NYSE:PR) by 155.2% during the 2nd quarter, HoldingsChannel reports. 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’s holdings in Permian Resources were worth $9,137,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after acquiring an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Permian Resources by 18.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after purchasing an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Permian Resources by 7.8% during the first 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 purchasing an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares in the last quarter. Finally, Marshall Wace LLP grew its stake in Permian Resources by 21.3% in the second quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock worth $1,274,000 after purchasing an additional 16,443 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

Shares of PR opened at $23.38 on Monday. The firm has a fifty day moving average of $21.00 and a 200-day moving average of $20.20. The company has a market cap of $19.58 billion, a price-to-earnings ratio of 15.48 and a beta of 0.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $24.09.

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

Permian Resources Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have issued reports on PR. Morgan Stanley restated 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 report on Friday, July 31st. Weiss Ratings upgraded Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a report on Thursday, August 13th. Zacks Research cut Permian Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Finally, Evercore assumed coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective for the company. Six 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 data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $23.65.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 5,103 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 firm’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 transaction, the executive vice president 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 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 three months, insiders have sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is owned by corporate insiders.

Permian Resources News Roundup

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

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.