Prospector Partners LLC Takes $7.64 Million Position in Permian Resources Corporation $PR

Key Points

• Prospector Partners LLC acquired 551,334 shares of Permian Resources Corporation, valued at approximately $7,636,000, marking a new position in the company.
• Institutional investors now own 91.84% of Permian Resources, with significant increases in holdings from various firms, including a 60.4% increase by Price T Rowe Associates Inc.
• Permian Resources recently declared a quarterly dividend of $0.15 per share, reflecting an annualized yield of 4.5% and a dividend payout ratio of 38.96%.

Prospector Partners LLC purchased a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 551,334 shares of the company's stock, valued at approximately $7,636,000. Prospector Partners LLC owned about 0.07% of Permian Resources at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PR. Barclays PLC grew its holdings in Permian Resources by 51.2% during the fourth quarter. Barclays PLC now owns 968,923 shares of the company's stock worth $13,933,000 after acquiring an additional 328,079 shares during the period. Canada Pension Plan Investment Board grew its holdings in Permian Resources by 54.7% during the fourth quarter. Canada Pension Plan Investment Board now owns 714,500 shares of the company's stock worth $10,275,000 after acquiring an additional 252,500 shares during the period. Freedom Investment Management Inc. boosted its position in Permian Resources by 11.3% during the fourth quarter. Freedom Investment Management Inc. now owns 61,911 shares of the company's stock worth $890,000 after purchasing an additional 6,284 shares in the last quarter. Forum Financial Management LP increased its position in shares of Permian Resources by 39.1% in the fourth quarter. Forum Financial Management LP now owns 20,280 shares of the company's stock valued at $292,000 after buying an additional 5,705 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Permian Resources by 5.5% in the fourth quarter. First Trust Advisors LP now owns 2,335,547 shares of the company's stock valued at $33,585,000 after buying an additional 121,903 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Royal Bank Of Canada raised their price target on Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. The Goldman Sachs Group lifted their price objective on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Raymond James Financial restated a "strong-buy" rating and issued a $23.00 price objective (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. UBS Group upped their price objective on Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, TD Cowen upgraded Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $18.53.

Permian Resources Stock Performance

NYSE PR traded up $0.6150 during trading hours on Friday, reaching $13.7550. The company's stock had a trading volume of 7,540,405 shares, compared to its average volume of 10,150,771. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The business has a 50-day simple moving average of $13.84 and a 200 day simple moving average of $13.33. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The stock has a market cap of $11.01 billion, a PE ratio of 8.93 and a beta of 1.32.

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

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.4%. Permian Resources's dividend payout ratio is currently 38.96%.

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.