1,211,883 Shares in Permian Resources Corporation $PR Bought by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd. acquired 1,211,883 shares of Permian Resources in the third quarter, valued at approximately $25.6 million; institutional investors collectively own 91.84% of the company.
• Permian Resources reported quarterly EPS of $0.69, beating estimates by $0.10, while revenue rose 55.1% year over year to $1.86 billion. The company also pays a quarterly dividend of $0.16 per share, equivalent to a 2.7% yield.
• Analyst sentiment remains positive, with an overall “Buy” rating and an average price target of $25.72 versus the stock’s reported price of $23.57; recent targets include $29 from Seaport Research Partners and Raymond James.

Ninety One UK Ltd bought a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 1,211,883 shares of the company's stock, valued at approximately $25,595,000. Ninety One UK Ltd owned 0.14% of Permian Resources at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Bessemer Group Inc. lifted its holdings in shares of Permian Resources by 21.3% in the 1st quarter. Bessemer Group Inc. now owns 3,537 shares of the company's stock valued at $76,000 after buying an additional 621 shares during the period. Parallel Advisors LLC boosted its stake in shares of Permian Resources by 10.1% in the first quarter. Parallel Advisors LLC now owns 12,153 shares of the company's stock valued at $259,000 after buying an additional 1,110 shares in the last quarter. SJS Investment Consulting Inc. boosted its stake in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after buying an additional 1,341 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in Permian Resources by 6.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 24,063 shares of the company's stock worth $338,000 after acquiring an additional 1,498 shares during the period. Finally, Signal Advisors Wealth LLC grew its holdings in Permian Resources by 8.6% during the first quarter. Signal Advisors Wealth LLC now owns 19,922 shares of the company's stock worth $425,000 after acquiring an additional 1,573 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Price Performance

PR stock opened at $23.57 on Friday. The firm has a 50 day moving average of $22.70 and a 200-day moving average of $20.96. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $24.65. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The company has a market cap of $19.74 billion, a price-to-earnings ratio of 15.61 and a beta of 0.66.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The company's quarterly revenue was up 55.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.28 EPS. As a group, equities analysts expect that Permian Resources Corporation will post 2.32 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 2.7%. Permian Resources's payout ratio is currently 42.38%.

Insider Buying and Selling

In other Permian Resources news, EVP Guy Oliphint sold 5,103 shares of the business's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the sale, the executive vice president directly owned 537,400 shares in the company, valued at approximately $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the company's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. This trade represents a 0.35% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. 5.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on PR. Mizuho upgraded Permian Resources to a "strong-buy" rating in a research report on Friday, July 31st. Wall Street Zen upgraded shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Seaport Research Partners assumed coverage on shares of Permian Resources in a research report on Thursday, September 3rd. They set a "buy" rating and a $29.00 target price on the stock. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the stock a "buy" rating in a research note on Monday, June 22nd. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $29.00 price target on shares of Permian Resources in a research note on Thursday, August 27th. Five research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $25.72.

About Permian Resources

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.

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