Alyeska Investment Group L.P. Raises Holdings in Permian Resources Corporation $PR

Key Points

• Alyeska Investment Group L.P. significantly increased its stake in Permian Resources Corporation by 300.3% during the first quarter, owning approximately 0.73% of the company, valued at $80.8 million.
• Permian Resources reported a quarterly EPS of $0.27, matching analysts' estimates, but a 3.9% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.15 per share, scheduled for payment on September 30th, reflecting an annual yield of 4.1%.

Alyeska Investment Group L.P. increased its position in Permian Resources Corporation (NYSE:PR - Free Report) by 300.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,833,001 shares of the company's stock after purchasing an additional 4,375,930 shares during the period. Alyeska Investment Group L.P. owned 0.73% of Permian Resources worth $80,787,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. OneDigital Investment Advisors LLC boosted its position in shares of Permian Resources by 19.2% during the first quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock worth $267,000 after buying an additional 3,107 shares during the period. Janney Montgomery Scott LLC increased its holdings in shares of Permian Resources by 12.4% in the first quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock valued at $444,000 after buying an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of Permian Resources by 8.5% in the first quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock valued at $393,000 after buying an additional 2,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in Permian Resources by 27.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock worth $425,000 after purchasing an additional 6,600 shares in the last quarter. Finally, Vontobel Holding Ltd. purchased a new position in Permian Resources during the 1st quarter worth approximately $174,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Trading Down 3.1%

NYSE:PR traded down $0.45 during midday trading on Friday, reaching $13.89. 7,252,538 shares of the stock traded hands, compared to its average volume of 9,558,710. The company has a fifty day moving average of $13.79 and a 200 day moving average of $13.30. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. 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 stock has a market capitalization of $11.11 billion, a P/E ratio of 9.02 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 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 during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the business earned $0.39 EPS. The company's revenue for the quarter was down 3.9% on a year-over-year basis. On average, research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.15 per share. 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 dividend payout ratio is 38.96%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PR shares. The Goldman Sachs Group boosted their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. Piper Sandler boosted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Bank of America upped their price objective 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. Susquehanna increased their price target on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. Finally, Raymond James Financial decreased their price objective on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Permian Resources has an average rating of "Buy" and an average price target of $18.47.

Insider Activity

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, 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. 6.44% of the stock is currently owned by corporate insiders.

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.