Permian Resources Corporation $PR Shares Purchased by Conestoga Capital Advisors LLC

Conestoga Capital Advisors LLC lifted its stake in shares of Permian Resources Corporation (NYSE:PR) by 29.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 638,165 shares of the company’s stock after acquiring an additional 146,900 shares during the quarter. Conestoga Capital Advisors LLC’s holdings in Permian Resources were worth $13,478,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP grew its position in Permian Resources by 3.9% during the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after purchasing an additional 763,059 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Permian Resources by 63.1% in the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock worth $132,824,000 after buying an additional 2,411,292 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Permian Resources during the first quarter worth approximately $121,041,000. First Trust Advisors LP raised its holdings in Permian Resources by 66.6% in the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after acquiring an additional 2,224,560 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of 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 acquiring an additional 85,509 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Down 6.4%

Shares of NYSE:PR opened at $22.45 on Thursday. The business’s 50 day simple moving average is $23.42 and its 200 day simple moving average is $20.46. The company has a market capitalization of $18.81 billion, a P/E ratio of 14.87 and a beta of 0.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. Permian Resources Corporation has a 1 year low of $12.06 and a 1 year high of $26.07.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.08. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period last year, the firm posted $0.08 earnings per share. Permian Resources’s revenue was up 48.1% compared to the same quarter last year. On average, research analysts anticipate that Permian Resources Corporation will post 2.46 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Thursday, December 17th. Permian Resources’s payout ratio is presently 42.38%.

Insider Buying and Selling at Permian Resources

In other news, EVP John Bell sold 5,492 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at $37,089,900. This represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 value of $121,220.00. Following the completion of the transaction, the executive vice president owned 1,346,698 shares in the company, valued at $31,984,077.50. This represents 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 ninety days, insiders sold 15,699 shares of company stock valued at $372,851. Corporate insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PR shares. Wells Fargo & Company increased their target price on shares of Permian Resources from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 14th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $34.00 target price on shares of Permian Resources in a report on Monday. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a report on Friday, July 31st. Citigroup raised their price target on Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Finally, Wall Street Zen raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Five equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $26.67.

Trending Headlines about Permian Resources

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Quarterly results beat expectations: Permian Resources reported adjusted earnings of $0.69 per share versus the $0.61 consensus and revenue of $1.96 billion versus $1.78 billion expected. Revenue rose 48.1% year over year, and EPS increased from $0.08 a year earlier. Company results and guidance
• Positive Sentiment: Production expanded: Total production averaged 457.5 thousand barrels of oil equivalent per day, up 22% quarter over quarter; oil production rose 5%. The company also updated its full-year guidance, though the provided reports do not specify the changes. Production and cash flow report
• Positive Sentiment: Quarterly dividend declared: The board announced a $0.16-per-share cash dividend, equivalent to $0.64 annualized, payable December 31 to shareholders of record December 17. Dividend announcement
• Neutral Sentiment: Large acquisition: Permian Resources acquired Ridge Runner Resources II for $1.2 billion. The deal may expand the business, but its size also raises questions about funding, integration and returns that could temper the reaction to strong earnings. Acquisition report

Permian Resources Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.