Havemeyer Place LP Buys Shares of 97,830 Permian Resources Corporation $PR

Havemeyer Place LP bought a new stake in Permian Resources Corporation (NYSE:PR) in the fourth quarter, HoldingsChannel reports. The fund bought 97,830 shares of the company’s stock, valued at approximately $1,373,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after acquiring an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP raised its stake in Permian Resources by 20.9% in the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after buying an additional 4,691,280 shares during the period. Bank of New York Mellon Corp raised its stake 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 valued at $352,906,000 after buying an additional 13,483,136 shares during the period. Boston Partners increased its stake 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 worth $222,099,000 after purchasing an additional 7,503,654 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Permian Resources by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 13,291,523 shares of the company’s stock worth $186,534,000 after purchasing an additional 382,777 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on PR shares. Scotiabank raised their price objective on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Weiss Ratings lowered Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, May 12th. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a research note on Friday, March 27th. Truist Financial raised their price objective on Permian Resources from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a research note on Thursday, February 26th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.69.

Permian Resources Trading Up 0.0%

NYSE PR opened at $19.18 on Monday. The company has a market cap of $16.06 billion, a price-to-earnings ratio of 22.30 and a beta of 0.48. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $22.67. The business’s fifty day moving average is $20.50 and its 200 day moving average is $17.57. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. As a group, sell-side analysts expect that Permian Resources Corporation will post 2.01 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.3%. Permian Resources’s payout ratio is presently 74.42%.

Insider Buying and Selling

In other Permian Resources news, Director William J. Quinn sold 800,000 shares of Permian Resources stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the transaction, the director directly owned 7,426,839 shares of the company’s stock, valued at approximately $142,223,966.85. The trade was a 9.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey Tepper sold 50,000 shares of the business’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the completion of the transaction, the director directly owned 150,546 shares in the company, valued at $2,917,581.48. This represents a 24.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,438,198 shares of company stock valued at $27,865,280 over the last 90 days. 5.00% of the stock is owned by corporate insiders.

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.