HITE Hedge Asset Management LLC Buys New Stake in Permian Resources Corporation $PR

Key Points

• HITE Hedge Asset Management LLC acquired a new stake in Permian Resources Corporation, purchasing 839,587 shares valued at approximately $11.63 million during the first quarter.
• Analysts have upgraded their ratings for Permian Resources, with TD Cowen assigning a "strong-buy" rating, while Wells Fargo and Bank of America raised their price targets for the stock.
• Permian Resources announced a quarterly dividend of $0.15 per share, reflecting an annualized yield of 4.5% and a payout ratio of 38.96%.

HITE Hedge Asset Management LLC acquired a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 839,587 shares of the company's stock, valued at approximately $11,628,000. HITE Hedge Asset Management LLC owned approximately 0.10% of Permian Resources at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after acquiring an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Permian Resources in the fourth quarter worth $431,676,000. Dimensional Fund Advisors LP grew its holdings in shares of Permian Resources by 19.4% during the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock worth $195,276,000 after purchasing an additional 2,286,363 shares during the last quarter. Nuveen LLC bought a new stake in shares of Permian Resources during the first quarter worth $175,525,000. Finally, Invesco Ltd. increased its stake in shares of Permian Resources by 8.9% in the first quarter. Invesco Ltd. now owns 8,622,575 shares of the company's stock valued at $119,423,000 after buying an additional 701,825 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on PR. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Wells Fargo & Company upped their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Bank of America raised their price target on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 23rd. The Goldman Sachs Group boosted their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, UBS Group boosted their target price on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $18.47.

Permian Resources Trading Down 1.0%

NYSE PR opened at $13.45 on Monday. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a market cap of $10.77 billion, a P/E ratio of 8.73 and a beta of 1.32. The stock's 50-day moving average is $13.91 and its 200-day moving average is $13.35.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share 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 company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the prior year, the company earned $0.39 earnings per share. The business's quarterly revenue was down 3.9% compared to the same quarter last year. Sell-side analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is 38.96%.

Permian Resources Profile

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.

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