Advisors Asset Management Inc. Boosts Holdings in Permian Resources Corporation $PR

Key Points

• Advisors Asset Management Inc. increased its holdings in Permian Resources Corporation by 50.5%, purchasing an additional 103,374 shares, bringing its total to 307,875 shares valued at approximately $4.26 million.
• Permian Resources has declared a quarterly dividend of $0.15 per share, yielding 4.3%, with the ex-dividend date set for September 16th.
• Multiple institutional investors, including OneDigital Investment Advisors and Janney Montgomery Scott, have also increased their positions in Permian Resources during the first quarter, reflecting strong institutional interest with nearly 92% of the stock owned by institutions.

Advisors Asset Management Inc. raised its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 50.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 307,875 shares of the company's stock after buying an additional 103,374 shares during the period. Advisors Asset Management Inc.'s holdings in Permian Resources were worth $4,264,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at $431,676,000. Dimensional Fund Advisors LP increased its holdings in Permian Resources by 19.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock worth $195,276,000 after purchasing an additional 2,286,363 shares during the period. Nuveen LLC purchased a new position in shares of Permian Resources in the 1st quarter valued at about $175,525,000. Invesco Ltd. boosted its stake in shares of Permian Resources by 8.9% in the 1st quarter. Invesco Ltd. now owns 8,622,575 shares of the company's stock valued at $119,423,000 after buying an additional 701,825 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Permian Resources by 33.1% in the 1st quarter. Principal Financial Group Inc. now owns 6,620,604 shares of the company's stock valued at $91,695,000 after buying an additional 1,647,487 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

Shares of NYSE:PR traded down $0.28 on Thursday, reaching $13.94. The company's stock had a trading volume of 8,238,982 shares, compared to its average volume of 8,811,203. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The stock has a market capitalization of $11.16 billion, a P/E ratio of 9.05 and a beta of 1.42. The stock's 50-day moving average is $13.78 and its two-hundred day moving average is $13.29. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63.

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, meeting the consensus estimate of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm's revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. As a group, sell-side analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's payout ratio is currently 38.96%.

Analyst Ratings Changes

A number of research firms recently weighed in on PR. Wall Street Zen lowered shares of Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. William Blair started coverage on Permian Resources in a report on Monday, August 25th. They issued an "outperform" rating on the stock. The Goldman Sachs Group upped their price target on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a research report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $18.47.

Insider Activity

In related news, EVP John Charles Bell sold 4,743 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. This trade represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. This represents a 4.91% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.44% of the company's stock.

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.