DRW Securities LLC Has $2.91 Million Stake in Permian Resources Corporation $PR

Key Points

• DRW Securities LLC increased its stake in Permian Resources Corporation by 88.8%, owning 210,000 shares worth approximately $2.9 million after adding 98,800 shares in the first quarter.
• Permian Resources recently announced a quarterly dividend of $0.15 per share, resulting in an annualized yield of 4.2% with a dividend payout ratio of 38.96%.
• Analysts have raised their target price for Permian Resources, with Bank of America setting it at $16.00 and Wells Fargo at $21.00, reflecting a favorable outlook for the company's stock.

DRW Securities LLC boosted its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 88.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 210,000 shares of the company's stock after buying an additional 98,800 shares during the quarter. DRW Securities LLC's holdings in Permian Resources were worth $2,908,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PR. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Permian Resources in the fourth quarter worth approximately $431,676,000. Nuveen LLC acquired a new position in Permian Resources in the first quarter worth approximately $175,525,000. Dimensional Fund Advisors LP grew its position in Permian Resources by 19.4% in the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock worth $195,276,000 after buying an additional 2,286,363 shares during the last quarter. Principal Financial Group Inc. grew its position in Permian Resources by 33.1% in the first quarter. Principal Financial Group Inc. now owns 6,620,604 shares of the company's stock worth $91,695,000 after buying an additional 1,647,487 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Permian Resources in the fourth quarter worth approximately $23,362,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on PR shares. Raymond James Financial decreased their price target on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a research report on Tuesday. Morgan Stanley lifted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Bank of America lifted their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. UBS Group lifted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, William Blair initiated coverage on shares of Permian Resources in a research report on Monday, August 25th. They set an "outperform" rating on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $18.47.

Permian Resources Stock Down 4.2%

Shares of Permian Resources stock traded down $0.61 on Friday, hitting $13.73. 3,063,354 shares of the company traded hands, compared to its average volume of 10,094,981. The company has a 50-day moving average price of $13.79 and a 200 day moving average price of $13.31. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.33. The company has a market cap of $10.99 billion, a PE ratio of 8.93 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting 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 for the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the previous year, the company posted $0.39 EPS. Permian Resources's revenue was down 3.9% on a year-over-year basis. Sell-side analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm 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. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.4%. Permian Resources's dividend payout ratio is currently 38.96%.

Insiders Place Their Bets

In related news, EVP Robert Regan Shannon sold 4,742 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP John Charles Bell sold 4,743 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president directly owned 107,569 shares of the company's stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.44% of the company's stock.

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.