Allspring Global Investments Holdings LLC Acquires 143,145 Shares of Permian Resources Corporation $PR

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Permian Resources Corporation by 25.4%, acquiring an additional 143,145 shares and bringing its total ownership to 706,042 shares valued at nearly $9.9 million.
• Permian Resources declared a quarterly dividend of $0.15 per share, resulting in an annualized dividend yield of 4.9% and a payout ratio of approximately 39%.
• Several institutional investors, including L. Roy Papp & Associates LLP and Ramirez Asset Management Inc., reported significant increases in their stakes in Permian Resources during the second quarter, underscoring strong investor interest.

Allspring Global Investments Holdings LLC increased its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 25.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 706,042 shares of the company's stock after buying an additional 143,145 shares during the period. Allspring Global Investments Holdings LLC owned 0.09% of Permian Resources worth $9,878,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PR. LRI Investments LLC acquired a new stake in Permian Resources in the 2nd quarter valued at about $54,000. Vanguard Personalized Indexing Management LLC grew its stake in shares of Permian Resources by 26.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 58,798 shares of the company's stock valued at $802,000 after purchasing an additional 12,225 shares during the last quarter. SLT Holdings LLC acquired a new stake in shares of Permian Resources in the second quarter valued at approximately $184,000. L. Roy Papp & Associates LLP raised its position in Permian Resources by 45.0% in the 2nd quarter. L. Roy Papp & Associates LLP now owns 84,267 shares of the company's stock worth $1,148,000 after purchasing an additional 26,144 shares during the last quarter. Finally, Ramirez Asset Management Inc. raised its position in Permian Resources by 51.8% in the 2nd quarter. Ramirez Asset Management Inc. now owns 166,800 shares of the company's stock worth $2,272,000 after purchasing an additional 56,900 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was 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 directly owned 107,569 shares in the company, valued at $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares in the company, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their position. The disclosure for this sale can be found here. 6.44% of the stock is owned by corporate insiders.

Permian Resources Price Performance

Permian Resources stock opened at $12.28 on Friday. 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 firm has a market capitalization of $9.83 billion, a P/E ratio of 7.98 and a beta of 1.32. The business has a 50-day moving average of $13.36 and a 200-day moving average of $13.19. 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 announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting analysts' consensus estimates of $0.27. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. Permian Resources's revenue for the quarter was down 3.9% on a year-over-year basis. During the same period last year, the company posted $0.39 EPS. On average, equities analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.9%. Permian Resources's payout ratio is 38.96%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PR shares. Wall Street Zen cut Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. William Blair began coverage on Permian Resources in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Piper Sandler boosted their price objective on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Royal Bank Of Canada boosted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $18.67.

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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