Jennison Associates LLC Buys 2,411,292 Shares of Permian Resources Corporation $PR

Jennison Associates LLC grew its stake in Permian Resources Corporation (NYSE:PR) by 63.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,230,034 shares of the company’s stock after acquiring an additional 2,411,292 shares during the quarter. Jennison Associates LLC’s holdings in Permian Resources were worth $132,824,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PR. Vanguard Group Inc. lifted its stake in shares of Permian Resources by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in 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 in the last quarter. State Street Corp raised its holdings in Permian Resources by 2.0% in the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares in the last quarter. Finally, Boston Partners lifted 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.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.00% of the stock is currently owned by insiders.

Permian Resources Price Performance

Shares of PR opened at $20.20 on Friday. The firm has a market capitalization of $16.91 billion, a PE ratio of 23.49 and a beta of 0.46. 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 1-year low of $11.92 and a 1-year high of $22.67. The company’s fifty day moving average price is $19.44 and its 200-day moving average price is $18.53.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business posted $0.44 EPS. The firm’s quarterly revenue was up .9% on a year-over-year basis. On average, equities research analysts predict that Permian Resources Corporation will post 1.93 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. Permian Resources’s dividend payout ratio is currently 74.42%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PR shares. BMO Capital Markets upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Raymond James Financial reduced their price objective on shares of Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research note on Wednesday, June 17th. Zacks Research cut shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. Evercore began coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 target price for the company. Finally, Mizuho lifted their price target on shares of Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Permian Resources has a consensus rating of “Buy” and an average price target 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.