Lighthouse Investment Partners LLC Purchases 450,000 Shares of Permian Resources Corporation $PR

Lighthouse Investment Partners LLC boosted its position in Permian Resources Corporation (NYSE:PR) by 200.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 675,000 shares of the company’s stock after purchasing an additional 450,000 shares during the period. Lighthouse Investment Partners LLC’s holdings in Permian Resources were worth $8,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in PR. AQR Capital Management LLC grew its stake in shares of 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 during the period. Goldman Sachs Group Inc. raised its stake in Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after acquiring an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in 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 valued at $16,751,000 after purchasing an additional 87,105 shares during the last quarter. Bank of Montreal Can lifted its holdings in Permian Resources by 180.1% during the second quarter. Bank of Montreal Can now owns 68,431 shares of the company’s stock valued at $932,000 after purchasing an additional 153,851 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Permian Resources during the second quarter worth about $161,000. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. UBS Group raised their price objective on shares of Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Zacks Research upgraded shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Susquehanna lowered their target price on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a report on Monday, January 26th. Finally, The Goldman Sachs Group increased their target price on Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.42.

Permian Resources Stock Up 1.4%

PR stock opened at $19.34 on Monday. The stock has a 50-day simple moving average of $16.49 and a two-hundred day simple moving average of $14.58. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $19.64. The firm has a market capitalization of $16.04 billion, a PE ratio of 15.47 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the firm posted $0.36 earnings per share. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. On average, equities analysts predict that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.16 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.64 annualized dividend and a yield of 3.3%. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is currently 48.00%.

Insiders Place Their Bets

In other news, EVP John Charles Bell sold 158,385 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total value of $2,912,700.15. Following the transaction, the executive vice president owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This represents a 9.18% 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. Also, Director William J. Quinn sold 800,000 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total value of $15,320,000.00. Following the completion of the sale, the director owned 7,426,839 shares in the company, valued at $142,223,966.85. This trade represents a 9.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 4,765,093 shares of company stock worth $77,807,101. Company insiders own 12.80% of the company’s stock.

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.