Alliancebernstein L.P. Acquires 140,791 Shares of Permian Resources Corporation $PR

Key Points

• Alliancebernstein L.P. has increased its stake in Permian Resources Corporation by 13.3%, acquiring an additional 140,791 shares, bringing its total ownership to approximately 1,198,265 shares worth $16,596,000.
• Permian Resources recently reported quarterly earnings per share of $0.27, matching analysts' expectations, with a net margin of 22.41% and revenue of $1.20 billion, down 3.9% year-over-year.
• The company declared a quarterly dividend of $0.15, which is set to yield 4.3% annually, with the ex-dividend date on September 16th.

Alliancebernstein L.P. raised its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 13.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,198,265 shares of the company's stock after purchasing an additional 140,791 shares during the period. Alliancebernstein L.P. owned approximately 0.15% of Permian Resources worth $16,596,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Hexagon Capital Partners LLC lifted its holdings in shares of Permian Resources by 30.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock worth $54,000 after acquiring an additional 921 shares during the period. HighPoint Advisor Group LLC increased its position in Permian Resources by 5.1% during the 1st quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company's stock worth $283,000 after purchasing an additional 986 shares in the last quarter. Vident Advisory LLC increased its position in Permian Resources by 9.9% during the 1st quarter. Vident Advisory LLC now owns 11,321 shares of the company's stock worth $157,000 after purchasing an additional 1,019 shares in the last quarter. Creative Financial Designs Inc. ADV increased its position in Permian Resources by 1.8% during the 1st 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. increased its position in Permian Resources by 18.1% during the 1st quarter. SBI Securities Co. Ltd. now owns 7,331 shares of the company's stock worth $102,000 after purchasing an additional 1,122 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Insider Buying and Selling

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of the firm's 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 sale, the executive vice president owned 91,805 shares in the company, valued at $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 4,743 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction 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 represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.44% of the company's stock.

Permian Resources Price Performance

Shares of NYSE PR traded up $0.19 during trading hours on Wednesday, hitting $13.58. 25,025,943 shares of the stock were exchanged, compared to its average volume of 10,607,480. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market cap of $10.87 billion, a PE ratio of 8.82 and a beta of 1.42. The company's fifty day simple moving average is $13.73 and its two-hundred day simple moving average is $13.28. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33.

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

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.15 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.4%. Permian Resources's dividend payout ratio (DPR) is currently 38.96%.

Analyst Ratings Changes

A number of research firms recently issued reports on PR. UBS Group upped their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Bank of America upped their price target on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Raymond James Financial decreased their price target on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a research report on Tuesday, September 2nd. Finally, Piper Sandler upped their price target on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Two research 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. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $18.47.

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.