Jennison Associates LLC Acquires 105,396 Shares of Permian Resources Corporation $PR

Key Points

• Jennison Associates LLC increased its stake in Permian Resources by 2.8% in Q4, buying 105,396 shares to hold 3,818,742 shares (about 0.46% of the company) valued at roughly $53.58 million.
• 91.84% institutional ownership — major funds including Vanguard, Boston Partners, Millennium and Dimensional materially increased their positions in recent quarters, signaling strong institutional accumulation.
• Wall Street sentiment is broadly positive with a consensus Buy rating and an average target of $22.38 after several upgrades, and the company recently raised its quarterly dividend to $0.16 (annualized $0.64, ~3.0% yield).

Jennison Associates LLC lifted its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,818,742 shares of the company's stock after buying an additional 105,396 shares during the quarter. Jennison Associates LLC owned about 0.46% of Permian Resources worth $53,577,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Boston Partners boosted its stake in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock valued at $222,099,000 after acquiring an additional 7,503,654 shares during the last quarter. Vanguard Group Inc. raised 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 acquiring an additional 6,705,644 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Permian Resources by 210.6% in 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 period. Dimensional Fund Advisors LP boosted its position in shares of Permian Resources by 20.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company's stock worth $346,919,000 after purchasing an additional 4,691,280 shares during the last quarter. Finally, Merewether Investment Management LP boosted its position in shares of Permian Resources by 63.5% in the 3rd quarter. Merewether Investment Management LP now owns 8,836,137 shares of the company's stock worth $113,103,000 after purchasing an additional 3,431,900 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of recent analyst reports. Zacks Research upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Friday, March 27th. Susquehanna reduced their target price on Permian Resources from $20.00 to $18.00 and set a "positive" rating on the stock in a report on Monday, January 26th. Truist Financial boosted their target price on Permian Resources from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, April 14th. Piper Sandler upped their price target on Permian Resources from $24.00 to $27.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Finally, BMO Capital Markets upgraded shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 7th. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $22.38.

Insider Buying and Selling at Permian Resources

In related news, EVP Guy M. Oliphint sold 4,999 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.28, for a total transaction of $91,381.72. Following the completion of the sale, the executive vice president directly owned 605,272 shares of the company's stock, valued at approximately $11,064,372.16. This represents a 0.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey Tepper sold 50,000 shares of the firm'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 transaction of $969,000.00. Following the sale, the director owned 150,546 shares in the company, valued at $2,917,581.48. This trade represents a 24.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,130,066 shares of company stock worth $58,837,655 in the last quarter. Company insiders own 5.00% of the company's stock.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $21.63 on Friday. The company has a market capitalization of $18.09 billion, a PE ratio of 17.30, a PEG ratio of 1.22 and a beta of 0.56. Permian Resources Corporation has a 12 month low of $11.64 and a 12 month high of $21.99. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The stock's fifty day simple moving average is $19.92 and its 200 day simple moving average is $16.24.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results 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 firm had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.32 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. The company's revenue was down 9.8% on a year-over-year basis. On average, research analysts predict that Permian Resources Corporation will post 1.92 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were given a $0.16 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. This is a boost from Permian Resources's previous quarterly dividend of $0.15. Permian Resources's payout ratio is presently 51.20%.

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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