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

Several other hedge funds and other institutional investors also recently bought and sold shares of PR. Allworth Financial LP increased its holdings in Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after purchasing an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC bought a new position in shares of Permian Resources during the 1st quarter worth $30,000. Keystone Global Partners LLC purchased a new position in shares of Permian Resources during the first quarter valued at $36,000. Brooklyn Investment Group raised its holdings in shares of Permian Resources by 433.9% in the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock valued at $43,000 after acquiring an additional 2,534 shares in the last quarter. Finally, Tsfg LLC bought a new stake in shares of Permian Resources in the first quarter valued at about $46,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Trading Down 2.0%

NYSE:PR opened at $13.94 on Friday. The stock has a market capitalization of $11.16 billion, a price-to-earnings ratio of 9.05 and a beta of 1.42. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week 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. The firm has a 50 day moving average of $13.78 and a 200 day moving average of $13.29.

Permian Resources (NYSE:PR - Get Free Report) last released 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. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the company earned $0.39 earnings per share. The business's revenue for the quarter was down 3.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared 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. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.3%. Permian Resources's dividend payout ratio (DPR) is 38.96%.

Insider Transactions at Permian Resources

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PR. Royal Bank Of Canada reiterated an "outperform" rating and set a $17.00 target price on shares of Permian Resources in a report on Tuesday, September 2nd. Morgan Stanley increased their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. The Goldman Sachs Group boosted their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Piper Sandler upped their target price on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Finally, UBS Group increased their target price on Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Permian Resources has a consensus rating of "Buy" and a consensus price target of $18.47.

Permian Resources Company 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.

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