Fearnley Asset Management AS Takes Position in Permian Resources Corporation $PR

Key Points

• Fearnley Asset Management opened a new position in Permian Resources, buying 511,400 shares valued at about $7.18 million. The stake represented 3.3% of the firm’s portfolio and about 0.06% of the company.
• Permian Resources reported Q1 earnings of $0.39 per share, topping analyst expectations by a penny, though revenue of $1.39 billion came in slightly below forecasts. Wall Street remains constructive overall, with a consensus Moderate Buy rating and a $23 average price target.
• The company declared a quarterly dividend of $0.16 per share, or $0.64 annually, for a yield of about 3.5%. An executive vice president also sold shares recently, while institutional investors continue to own the vast majority of the stock.

Fearnley Asset Management AS acquired a new stake in Permian Resources Corporation (NYSE:PR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 511,400 shares of the company's stock, valued at approximately $7,175,000. Permian Resources accounts for 3.3% of Fearnley Asset Management AS's portfolio, making the stock its 12th biggest holding. Fearnley Asset Management AS owned about 0.06% of Permian Resources at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Grantham Mayo Van Otterloo & Co. LLC grew its position in Permian Resources by 24.7% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company's stock worth $169,774,000 after acquiring an additional 2,628,744 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in Permian Resources during the third quarter valued at about $711,000. Horizon Investments LLC raised its position in Permian Resources by 80.8% during the fourth quarter. Horizon Investments LLC now owns 420,448 shares of the company's stock valued at $5,899,000 after purchasing an additional 187,903 shares in the last quarter. UBS Group AG lifted its stake in Permian Resources by 39.5% during the fourth quarter. UBS Group AG now owns 6,560,632 shares of the company's stock worth $92,046,000 after purchasing an additional 1,858,992 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Permian Resources by 2.8% during the fourth quarter. Jennison Associates LLC now owns 3,818,742 shares of the company's stock worth $53,577,000 after purchasing an additional 105,396 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $18.45 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market cap of $15.45 billion, a PE ratio of 21.46 and a beta of 0.48. The business has a 50 day moving average of $20.07 and a 200 day moving average of $17.89. Permian Resources Corporation has a 52 week low of $11.92 and a 52 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 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter last year, the business posted $0.44 EPS. The firm's revenue for the quarter was up .9% compared to the same quarter last year. As a group, equities research analysts forecast that Permian Resources Corporation will post 2 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently announced 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. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources's dividend payout ratio is currently 74.42%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. UBS Group increased their price target on shares of Permian Resources from $19.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, March 5th. Citigroup boosted their price objective on shares of Permian Resources from $21.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, March 31st. Benchmark cut shares of Permian Resources from a "buy" rating to a "hold" rating in a research note on Thursday, March 5th. Mizuho increased their target price on shares of Permian Resources from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, The Goldman Sachs Group increased their target price on shares of Permian Resources from $17.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, March 11th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $23.00.

Insider Activity

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

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.

Want to see what other hedge funds are holding PR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Permian Resources Corporation (NYSE:PR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.