Goehring & Rozencwajg Associates LLC Makes New Investment in Permian Resources Corporation $PR

Key Points

• Goehring & Rozencwajg Associates LLC opened a new position in Permian Resources in the fourth quarter, buying 449,235 shares worth about $6.3 million.
• Wall Street sentiment remains constructive: analysts have a Moderate Buy consensus on the stock, with an average price target of $22.69.
• Permian Resources recently reported quarterly EPS of $0.39 versus estimates of $0.38 and declared a $0.16 quarterly dividend, equal to a 3.3% annualized yield.

Goehring & Rozencwajg Associates LLC acquired a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 449,235 shares of the company's stock, valued at approximately $6,303,000. Goehring & Rozencwajg Associates LLC owned about 0.05% of Permian Resources at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Los Angeles Capital Management LLC acquired a new position in Permian Resources during the fourth quarter worth $39,000. State of Wyoming raised its holdings in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after buying an additional 1,640 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Permian Resources by 340.8% during 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. FNY Investment Advisers LLC acquired a new position in Permian Resources during the fourth quarter worth $60,000. Finally, Farther Finance Advisors LLC raised its holdings in Permian Resources by 126.1% during the fourth quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company's stock worth $62,000 after buying an additional 2,477 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Morgan Stanley reiterated an "overweight" rating on shares of Permian Resources in a research note on Friday, March 27th. UBS Group upped their target price on shares of Permian Resources from $19.00 to $23.00 and gave the stock a "buy" rating in a research note on Thursday, March 5th. Mizuho upped their target price on shares of Permian Resources from $26.00 to $27.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Citigroup upped their target price on shares of Permian Resources from $21.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, March 31st. Finally, Royal Bank Of Canada upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an "outperform" rating in a research note on Monday, March 2nd. 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $22.69.

Permian Resources Stock Performance

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

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion during 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 revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.44 EPS. As a group, equities research analysts predict that Permian Resources Corporation will post 2.01 EPS for the current fiscal year.

Permian Resources Announces Dividend

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

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Aron Marquez sold 7,750 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total transaction of $152,055.00. Following the transaction, the director owned 72,218 shares of the company's stock, valued at approximately $1,416,917.16. The trade was a 9.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 588,198 shares of company stock worth $11,576,280. 5.00% of the stock is owned by company 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.

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