Sanders Morris Harris LLC Purchases 86,933 Shares of Permian Resources Corporation $PR

Sanders Morris Harris LLC purchased a new position in shares of Permian Resources Corporation (NYSE:PR) in the third quarter, HoldingsChannel reports. The firm purchased 86,933 shares of the company’s stock, valued at approximately $1,856,000.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP increased 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 worth $371,074,000 after purchasing an additional 763,059 shares during the last quarter. Jennison Associates LLC raised its holdings in Permian Resources by 63.1% in the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after buying an additional 2,411,292 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Permian Resources in the first quarter valued at about $121,041,000. First Trust Advisors LP lifted its position in Permian Resources by 66.6% in the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock valued at $118,636,000 after buying an additional 2,224,560 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Permian Resources by 1.8% in the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock valued at $100,911,000 after buying an additional 85,509 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Trading Down 0.7%

PR traded down $0.16 during mid-day trading on Wednesday, hitting $24.10. 10,819,951 shares of the stock were exchanged, compared to its average volume of 11,385,250. The firm’s fifty day moving average is $22.55 and its two-hundred day moving average is $20.93. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $24.65. 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 cap of $20.18 billion, a PE ratio of 15.96 and a beta of 0.66.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The company 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 revenue for the quarter was up 55.1% on a year-over-year basis. During the same period last year, the business posted $0.28 EPS. Equities analysts forecast that Permian Resources Corporation will post 2.34 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Wednesday, September 16th. Permian Resources’s dividend payout ratio is currently 42.38%.

Insider Transactions at Permian Resources

In other news, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their position. 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. Over the last quarter, insiders have sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PR has been the subject of several research analyst reports. Stifel Nicolaus began coverage on shares of Permian Resources in a research note on Thursday, September 10th. They set a “buy” rating and a $30.00 target price for the company. Seaport Research Partners started coverage on shares of Permian Resources in a research note on Thursday, September 3rd. They issued a “buy” rating and a $29.00 price target on the stock. KeyCorp upped their price objective on shares of Permian Resources from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, September 15th. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a report on Wednesday, August 19th. Finally, Scotiabank initiated coverage on shares of Permian Resources in a research report on Wednesday. They set an “outperform” rating and a $29.00 price objective for the company. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Permian Resources presently has a consensus rating of “Buy” and a consensus price target of $25.56.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.