Eurizon Capital SGR S.p.A. Buys New Stake in Permian Resources Corporation $PR

Key Points

• Eurizon Capital SGR disclosed a new fourth-quarter stake in Permian Resources, buying 111,145 shares worth about $1.56 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 91.84% of the company; several firms, including AQR, Goldman Sachs, and UBS, also increased their positions.
• Permian Resources reported better-than-expected EPS of $0.39 on May 6 and continues to draw mostly positive analyst views, with a consensus rating of Moderate Buy and an average price target of $22.69.

Eurizon Capital SGR S.p.A. bought a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 111,145 shares of the company's stock, valued at approximately $1,560,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PR. AQR Capital Management LLC raised its holdings in shares of Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock worth $2,060,000 after buying an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock worth $75,512,000 after buying an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company's stock worth $16,751,000 after buying an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock worth $57,000 after buying an additional 3,224 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in shares of Permian Resources by 21.3% in the second quarter. Marshall Wace LLP now owns 93,507 shares of the company's stock worth $1,274,000 after buying an additional 16,443 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on PR. TD Cowen raised their price target on shares of Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, March 17th. Weiss Ratings cut shares of Permian Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, May 12th. Piper Sandler raised their price target on shares of Permian Resources from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Morgan Stanley reaffirmed an "overweight" rating on shares of Permian Resources in a report on Friday, March 27th. Finally, Zacks Research cut shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, May 22nd. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.69.

Permian Resources Stock Up 0.2%

NYSE:PR opened at $19.71 on Wednesday. The firm has a market capitalization of $16.51 billion, a P/E ratio of 22.92 and a beta of 0.48. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67. The company's fifty day moving average price is $20.55 and its 200-day moving average price is $17.39. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business's quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 earnings per share. As a group, equities research analysts anticipate that Permian Resources Corporation will post 2 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a $0.16 dividend. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. Permian Resources's dividend payout ratio is presently 74.42%.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Aron Marquez sold 7,750 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the sale, the director owned 72,218 shares in the company, valued at $1,416,917.16. The trade was a 9.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,438,198 shares of company stock worth $27,865,280 over the last ninety days. 5.00% of the stock is owned by insiders.

Permian Resources Company 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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