Dockside LLC Makes New Investment in Permian Resources Corporation $PR

Dockside LLC purchased a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 766,438 shares of the company's stock, valued at approximately $10,753,000. Permian Resources comprises 2.8% of Dockside LLC's holdings, making the stock its 2nd biggest holding. Dockside LLC owned approximately 0.09% of Permian Resources at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock worth $1,057,930,000 after buying an additional 3,941,318 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company's stock worth $443,856,000 after buying an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp increased its position in Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock worth $352,906,000 after buying an additional 13,483,136 shares during the last quarter. State Street Corp increased its position in Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company's stock worth $330,454,000 after buying an additional 460,158 shares during the last quarter. Finally, Boston Partners increased its position in Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock worth $222,099,000 after buying an additional 7,503,654 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Weiss Ratings downgraded Permian Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, May 12th. Truist Financial boosted their price objective on Permian Resources from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. The Goldman Sachs Group boosted their price objective on Permian Resources from $17.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, March 11th. Zacks Research cut Permian Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, May 22nd. Finally, KeyCorp began coverage on Permian Resources in a report on Tuesday, April 7th. They set an "overweight" rating and a $25.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Permian Resources presently has a consensus rating of "Moderate Buy" and an average price target of $22.69.

Permian Resources Stock Up 1.1%

NYSE PR opened at $19.48 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67. The company has a 50 day moving average of $20.32 and a 200-day moving average of $17.74. The company has a market cap of $16.31 billion, a price-to-earnings ratio of 22.65 and a beta of 0.48.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the business earned $0.44 earnings per share. The firm's quarterly revenue was up .9% on a year-over-year basis. On average, equities research analysts expect that Permian Resources Corporation will post 2.01 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, June 16th. Permian Resources's payout ratio is presently 74.42%.

Insider Activity

In other news, Director William J. Quinn sold 512,429 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total value of $10,038,484.11. Following the completion of the sale, the director directly owned 6,914,410 shares in the company, valued at approximately $135,453,291.90. The trade was a 6.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction that occurred on 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 completion of the sale, the executive vice president owned 542,503 shares of the company's stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 588,198 shares of company stock worth $11,576,280. Corporate insiders own 5.00% of the company's stock.

Permian Resources Profile

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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