Permian Resources Corporation $PR Shares Sold by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. reduced its stake in Permian Resources Corporation by 20.9%, selling 169,789 shares, while now holding a total of 643,785 shares valued at approximately $8.9 million.
• Permian Resources has received positive forecasts from analysts, with target price increases from multiple firms, including UBS raising its target from $16.00 to $17.00 and Raymond James from $20.00 to $23.00.
• The company declared a quarterly dividend of $0.15 per share, set to be paid on September 30th, reflecting an annualized dividend yield of 4.4%.

1832 Asset Management L.P. lessened its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 20.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 643,785 shares of the company's stock after selling 169,789 shares during the quarter. 1832 Asset Management L.P. owned 0.08% of Permian Resources worth $8,916,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. Hexagon Capital Partners LLC increased its holdings in Permian Resources by 30.8% in the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock valued at $54,000 after buying an additional 921 shares in the last quarter. HighPoint Advisor Group LLC raised its holdings in Permian Resources by 5.1% during the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company's stock worth $283,000 after purchasing an additional 986 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in Permian Resources by 8.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 13,355 shares of the company's stock worth $192,000 after purchasing an additional 1,009 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its position in Permian Resources by 1.8% during the first quarter. Creative Financial Designs Inc. ADV now owns 64,181 shares of the company's stock worth $889,000 after purchasing an additional 1,106 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its holdings in Permian Resources by 18.1% in the first quarter. SBI Securities Co. Ltd. now owns 7,331 shares of the company's stock valued at $102,000 after purchasing an additional 1,122 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Trading Up 2.2%

Shares of NYSE:PR traded up $0.32 during midday trading on Thursday, reaching $14.47. The company's stock had a trading volume of 6,918,185 shares, compared to its average volume of 10,099,383. The firm has a market cap of $11.58 billion, a price-to-earnings ratio of 9.39 and a beta of 1.32. The business has a 50 day moving average price of $13.77 and a 200 day moving average price of $13.32. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm's quarterly revenue was down 3.9% on a year-over-year basis. During the same period last year, the company earned $0.39 EPS. Research analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Tuesday, September 16th. Permian Resources's payout ratio is presently 38.96%.

Analyst Ratings Changes

Several research firms have recently issued reports on PR. TD Cowen raised Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Royal Bank Of Canada raised their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Friday, May 16th. William Blair started coverage on shares of Permian Resources in a report on Monday. They issued an "outperform" rating on the stock. Piper Sandler raised their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley lifted their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $18.53.

About Permian Resources

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.