Empowered Funds LLC Boosts Stock Holdings in Permian Resources Corporation $PR

Empowered Funds LLC lifted its position in shares of Permian Resources Corporation (NYSE:PR) by 122.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 702,014 shares of the company’s stock after acquiring an additional 387,089 shares during the period. Empowered Funds LLC owned approximately 0.08% of Permian Resources worth $14,967,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PR. Vanguard Group Inc. boosted its stake in Permian Resources by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after purchasing an additional 3,941,318 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Permian Resources by 16.7% in the fourth 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 during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Permian Resources by 115.5% in the fourth 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 during the last quarter. State Street Corp lifted its holdings in shares of Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock valued at $330,454,000 after purchasing an additional 460,158 shares in the last quarter. Finally, Boston Partners boosted its position in shares of Permian Resources by 76.2% during the third 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 during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Shares of PR opened at $20.75 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The firm has a market capitalization of $17.38 billion, a P/E ratio of 24.13 and a beta of 0.46. The business has a fifty day moving average of $19.47 and a 200 day moving average of $18.95.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 earnings per share. As a group, sell-side analysts anticipate that Permian Resources Corporation will post 1.94 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.1%. Permian Resources’s dividend payout ratio is presently 74.42%.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction that occurred 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 transaction, the executive vice president owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on PR. KeyCorp started coverage on Permian Resources in a report on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price objective for the company. Roth Capital set a $23.00 target price on shares of Permian Resources and gave the company a “buy” rating in a research note on Monday, June 22nd. Mizuho raised their price target on shares of Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Wells Fargo & Company set a $26.00 price target on shares of Permian Resources in a research note on Monday, May 25th. Finally, Morgan Stanley decreased their price objective on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Monday, June 29th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $23.29.

About Permian Resources

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.