Horizon Investments LLC Raises Stock Holdings in Permian Resources Corporation $PR

Key Points

• Horizon Investments LLC increased its position in Permian Resources by 80.8% in Q4, buying 187,903 shares to own 420,448 shares (about 0.05% of the company) worth roughly $5.9 million.
• Insiders have been sizable net sellers recently — CEO William M. Hickey III sold 898,423 shares (~$16.5M) and insiders sold a total of 3,130,066 shares (~$58.8M) over the past 90 days; insiders now hold 5.0% of the stock.
• Permian beat Q results on EPS ($0.37 vs. $0.28) despite a 9.8% revenue decline, raised its quarterly dividend to $0.16 (2.9% yield), and carries a consensus analyst rating of Buy with a $22.38 price target.

Horizon Investments LLC grew its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 80.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 420,448 shares of the company's stock after purchasing an additional 187,903 shares during the quarter. Horizon Investments LLC owned approximately 0.05% of Permian Resources worth $5,899,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its holdings in shares of Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company's stock worth $25,000 after buying an additional 1,047 shares during the last quarter. EverSource Wealth Advisors LLC boosted 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. FNY Investment Advisers LLC purchased a new position in shares of Permian Resources in the fourth quarter worth approximately $60,000. Allworth Financial LP boosted its holdings in shares of Permian Resources by 18.7% in the third quarter. Allworth Financial LP now owns 6,445 shares of the company's stock worth $82,000 after buying an additional 1,015 shares during the last quarter. Finally, Hilltop National Bank boosted its holdings in shares of Permian Resources by 27.4% in the fourth quarter. Hilltop National Bank now owns 7,009 shares of the company's stock worth $98,000 after buying an additional 1,509 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Insiders Place Their Bets

In other Permian Resources news, Director Jeffrey Tepper sold 50,000 shares of the company's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $19.38, for a total value of $969,000.00. Following the completion of the transaction, the director directly owned 150,546 shares in the company, valued at $2,917,581.48. This represents a 24.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William M. Hickey III sold 898,423 shares of the company's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $16,513,014.74. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares of the company's stock, valued at $172,577,263.90. The trade was a 8.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 3,130,066 shares of company stock worth $58,837,655 over the last ninety days. 5.00% of the stock is owned by company insiders.

Permian Resources Trading Down 0.2%

Shares of NYSE:PR opened at $22.07 on Monday. The stock has a 50 day moving average of $19.92 and a 200 day moving average of $16.30. The company has a market cap of $18.45 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 1.25 and a beta of 0.52. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 12-month low of $11.64 and a 12-month high of $22.11.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the company posted $0.36 EPS. The firm's revenue was down 9.8% on a year-over-year basis. As a group, equities research analysts expect that Permian Resources Corporation will post 1.92 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, March 17th. This is a positive change from Permian Resources's previous quarterly dividend of $0.15. Permian Resources's dividend payout ratio is currently 51.20%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PR. The Goldman Sachs Group raised their price objective on shares of Permian Resources from $17.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, March 11th. UBS Group raised their price objective on shares of Permian Resources from $19.00 to $23.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Susquehanna dropped their price objective on shares of Permian Resources from $20.00 to $18.00 and set a "positive" rating on the stock in a report on Monday, January 26th. Zacks Research raised shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Friday, March 27th. Finally, BMO Capital Markets upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 7th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $22.38.

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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