Quantitative Investment Management LLC Makes New Investment in Permian Resources Corporation $PR

Quantitative Investment Management LLC purchased a new position in Permian Resources Corporation (NYSE:PR) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 36,129 shares of the company’s stock, valued at approximately $665,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PR. AQR Capital Management LLC boosted 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 worth $2,060,000 after acquiring an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings 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 valued at $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 raised its position in shares of Permian Resources by 7.8% in 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 purchasing an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Permian Resources by 340.8% in the 2nd 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 boosted its stake in Permian Resources by 21.3% in the 2nd 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. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PR shares. Wells Fargo & Company raised their price objective on shares of Permian Resources from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the company a “buy” rating in a research report on Monday, June 22nd. Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a report on Thursday, August 13th. Wall Street Zen upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, Zacks Research downgraded Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Permian Resources has a consensus rating of “Buy” and an average price target of $23.65.

Permian Resources Trading Up 2.2%

Shares of PR stock opened at $23.80 on Wednesday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $24.09. The stock has a market capitalization of $19.93 billion, a P/E ratio of 15.76 and a beta of 0.49. The firm’s 50 day moving average is $20.71 and its 200 day moving average is $20.07.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the business posted $0.28 EPS. The company’s revenue for the quarter was up 55.1% on a year-over-year basis. Research analysts expect that Permian Resources Corporation will post 2.24 earnings per share for the current year.

Permian Resources Announces Dividend

The firm 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 $0.16 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 2.7%. Permian Resources’s dividend payout ratio (DPR) is presently 42.38%.

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.