American Century Companies Inc. Has $127.14 Million Position in Permian Resources Corporation $PR

Key Points

• American Century Companies Inc. reduced its stake in Permian Resources Corporation by 18.8% in Q1, holding 9,179,642 shares valued at approximately $127.14 million.
• Permian Resources reported an EPS of $0.27 for the latest quarter, meeting expectations, but revenue decreased by 3.9% year-over-year.
• The company announced a quarterly dividend of $0.15 per share, with a yield of 4.5% and a payout ratio of 38.96%.

American Century Companies Inc. decreased its position in Permian Resources Corporation (NYSE:PR - Free Report) by 18.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,179,642 shares of the company's stock after selling 2,119,412 shares during the quarter. American Century Companies Inc. owned 1.14% of Permian Resources worth $127,138,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PR. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at about $431,676,000. Nuveen LLC acquired a new stake in shares of Permian Resources in the first quarter valued at about $175,525,000. Price T Rowe Associates Inc. MD increased its position in shares of Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after acquiring an additional 12,306,854 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after buying an additional 4,236,141 shares during the last quarter. Finally, Freestone Grove Partners LP acquired a new position in Permian Resources during the fourth quarter worth approximately $57,114,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Price Performance

NYSE PR traded down $0.1850 on Thursday, hitting $13.1250. 10,583,036 shares of the company's stock were exchanged, compared to its average volume of 10,157,661. The stock has a 50-day moving average of $13.86 and a 200-day moving average of $13.34. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The stock has a market cap of $10.51 billion, a price-to-earnings ratio of 8.52 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the prior year, the company earned $0.39 earnings per share. The company's quarterly revenue was down 3.9% on a year-over-year basis. Analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 38.96%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PR. TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Morgan Stanley boosted their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a report on Monday. Raymond James Financial restated a "strong-buy" rating and set a $23.00 price objective (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Bank of America boosted their price objective on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $18.53.

Permian Resources 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.