Brevan Howard Capital Management LP Grows Position in Permian Resources Co. (NYSE:PR)

Brevan Howard Capital Management LP lifted its stake in Permian Resources Co. (NYSE:PR - Free Report) by 761.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 114,528 shares of the company's stock after purchasing an additional 101,228 shares during the quarter. Brevan Howard Capital Management LP's holdings in Permian Resources were worth $1,647,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock valued at $2,021,000 after purchasing an additional 662 shares during the period. Louisiana State Employees Retirement System boosted its holdings in Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock valued at $2,540,000 after acquiring an additional 700 shares during the period. CIBC Asset Management Inc grew its position in shares of Permian Resources by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company's stock valued at $226,000 after purchasing an additional 805 shares during the last quarter. Principal Securities Inc. increased its stake in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after purchasing an additional 852 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its stake in shares of Permian Resources by 0.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company's stock worth $1,862,000 after purchasing an additional 900 shares during the period. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Up 3.3%

Permian Resources stock traded up $0.43 during mid-day trading on Monday, reaching $13.44. The company's stock had a trading volume of 3,754,994 shares, compared to its average volume of 9,881,491. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $16.95. The business's 50 day simple moving average is $12.47 and its 200 day simple moving average is $13.91. The company has a market capitalization of $10.80 billion, a price-to-earnings ratio of 8.16, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business's revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 EPS. As a group, research analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's payout ratio is currently 37.04%.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn purchased 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares of the company's stock, valued at approximately $822,525.36. This trade represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,685 shares of company stock worth $135,687. 6.44% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. JPMorgan Chase & Co. lowered their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a research report on Wednesday, March 5th. Royal Bank of Canada cut their price target on Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Finally, Bank of America lowered their price objective on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $18.67.

Permian Resources Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.