Geode Capital Management LLC Purchases 382,777 Shares of Permian Resources Corporation $PR

Key Points

• Geode Capital Management increased its stake in Permian Resources by 3.0% in the fourth quarter, adding 382,777 shares to hold 13.29 million shares worth about $186.5 million.
• Several other large institutional investors also boosted positions, and institutions now own 91.84% of Permian Resources. Meanwhile, insiders have sold 1.44 million shares over the last 90 days.
• Analysts remain moderately bullish on PR, with a consensus rating of “Moderate Buy” and an average price target of $22.69. The company recently reported EPS of $0.39, slightly ahead of estimates, and it announced a quarterly dividend of $0.16 per share.

Geode Capital Management LLC grew its position in Permian Resources Corporation (NYSE:PR - Free Report) by 3.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,291,523 shares of the company's stock after acquiring an additional 382,777 shares during the quarter. Geode Capital Management LLC owned 1.60% of Permian Resources worth $186,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in PR. Boston Partners increased its stake in Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company's stock worth $222,099,000 after acquiring an additional 7,503,654 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Permian Resources by 10.4% during the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company's stock valued at $914,733,000 after purchasing an additional 6,705,644 shares during the last quarter. Millennium Management LLC increased its position in shares of Permian Resources by 210.6% during the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company's stock valued at $126,081,000 after purchasing an additional 6,678,814 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company's stock valued at $346,919,000 after purchasing an additional 4,691,280 shares during the last quarter. Finally, Merewether Investment Management LP increased its position in shares of Permian Resources by 63.5% during the 3rd quarter. Merewether Investment Management LP now owns 8,836,137 shares of the company's stock valued at $113,103,000 after purchasing an additional 3,431,900 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the company's stock in a transaction on 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 sale, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Aron Marquez sold 7,750 shares of the company's stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total value of $152,055.00. Following the completion of the sale, the director owned 72,218 shares of the company's stock, valued at $1,416,917.16. This represents a 9.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,438,198 shares of company stock valued at $27,865,280 over the last 90 days. 5.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PR. BMO Capital Markets raised Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 7th. Roth Mkm reissued a "neutral" rating and set a $22.00 target price (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. Benchmark downgraded Permian Resources from a "buy" rating to a "hold" rating in a research report on Thursday, March 5th. Royal Bank Of Canada boosted their target price on Permian Resources from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Monday, March 2nd. Finally, Morgan Stanley reissued an "overweight" rating on shares of Permian Resources in a research report on Friday, March 27th. Three equities 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.69.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $20.23 on Thursday. The stock's fifty day moving average is $20.55 and its two-hundred day moving average is $17.48. The company has a market capitalization of $16.94 billion, a PE ratio of 23.52 and a beta of 0.48. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. 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 announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the company posted $0.44 EPS. Permian Resources's quarterly revenue was up .9% on a year-over-year basis. As a group, analysts expect that Permian Resources Corporation will post 2 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, June 16th. Permian Resources's dividend payout ratio is currently 74.42%.

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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