Arrowstreet Capital Limited Partnership Makes New Investment in Permian Resources Corporation $PR

Key Points

• Arrowstreet Capital opened a new position in Permian Resources during the first quarter, buying 5.68 million shares worth about $121 million and ending with roughly 0.68% ownership.
• Permian Resources recently reported Q1 earnings of $0.39 per share, edging out estimates, while revenue came in at $1.39 billion, slightly below expectations.
• The company paid a quarterly dividend of $0.16 per share and currently offers a 3.0% yield; analysts remain broadly positive with a Buy consensus and an average price target of $23.29.

Arrowstreet Capital Limited Partnership purchased a new position in Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 5,677,325 shares of the company's stock, valued at approximately $121,041,000. Arrowstreet Capital Limited Partnership owned approximately 0.68% of Permian Resources as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SHP Wealth Management purchased a new position in shares of Permian Resources in the fourth quarter worth $27,000. SJS Investment Consulting Inc. boosted its position in shares of Permian Resources by 1,862.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after buying an additional 1,341 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Permian Resources in the 4th quarter worth about $39,000. State of Wyoming raised its position in Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after buying an additional 1,640 shares during the last quarter. Finally, Cedar Mountain Advisors LLC purchased a new position in Permian Resources in the 1st quarter worth about $48,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.00% of the stock is currently owned by company insiders.

Permian Resources Trading Down 0.1%

Shares of PR opened at $21.34 on Friday. The stock has a market capitalization of $17.87 billion, a PE ratio of 24.82 and a beta of 0.46. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The company's fifty day moving average is $19.51 and its 200 day moving average is $18.77. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $22.67.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company's revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 EPS. Sell-side analysts expect that Permian Resources Corporation will post 1.94 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources's payout ratio is currently 74.42%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PR. Scotiabank increased their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 22nd. Roth Capital set a $23.00 target price on shares of Permian Resources and gave the stock a "buy" rating in a research report on Monday, June 22nd. Citigroup decreased their target price on shares of Permian Resources from $26.00 to $24.00 and set a "buy" rating for the company in a research note on Wednesday, July 15th. Mizuho increased their price target on Permian Resources from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, BMO Capital Markets upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 7th. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of "Buy" and an average price target of $23.29.

About Permian Resources

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

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