Magnetar Financial LLC Invests $1.29 Million in Permian Resources Corporation $PR

Key Points

• Magnetar Financial LLC bought a new stake in Permian Resources (NYSE:PR) of 100,623 shares valued at about $1.29 million in Q3, and institutional investors now own roughly 91.84% of the company.
• Insiders have been heavy sellers: Director William J. Quinn sold 800,000 shares for about $15.32 million, and insiders disposed of 4,765,093 shares totaling roughly $77.8 million in the last 90 days, leaving insiders with 6.44% ownership.
• Permian reported quarterly EPS of $0.37 (above estimates) while revenue dropped 9.8% year-over-year to $1.17B, raised its quarterly dividend to $0.16 (annualized yield ~3.4%), and carries an analyst consensus of "Moderate Buy" with an average price target of $20.42.

Magnetar Financial LLC bought a new stake in Permian Resources Corporation (NYSE:PR - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 100,623 shares of the company's stock, valued at approximately $1,288,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC increased its holdings in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock worth $2,060,000 after buying an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock valued at $75,512,000 after acquiring an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company's stock valued at $16,751,000 after acquiring an additional 87,105 shares during the last quarter. Bank of Montreal Can grew its position in Permian Resources by 180.1% during the second quarter. Bank of Montreal Can now owns 68,431 shares of the company's stock valued at $932,000 after acquiring an additional 153,851 shares during the period. Finally, Vestmark Advisory Solutions Inc. purchased a new stake in Permian Resources during the second quarter valued at about $143,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of PR stock opened at $19.09 on Friday. The firm has a fifty day simple moving average of $16.39 and a 200-day simple moving average of $14.54. The company has a market capitalization of $15.83 billion, a PE ratio of 15.27 and a beta of 0.66. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $19.64. 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 (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.09. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm's revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 EPS. Equities research analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Permian Resources's previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. Permian Resources's dividend payout ratio is presently 48.00%.

Analyst Ratings Changes

A number of equities analysts have recently commented on PR shares. TD Cowen upgraded Permian Resources to a "strong-buy" rating in a report on Monday, February 9th. Royal Bank Of Canada increased their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Monday, March 2nd. Morgan Stanley cut their price target on shares of Permian Resources from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Friday, January 23rd. Susquehanna reduced their price target on shares of Permian Resources from $20.00 to $18.00 and set a "positive" rating on the stock in a research report on Monday, January 26th. Finally, Benchmark downgraded shares of Permian Resources from a "buy" rating to a "hold" rating in a research note on Thursday, March 5th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $20.42.

Insiders Place Their Bets

In other Permian Resources news, Director William J. Quinn sold 800,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the sale, the director owned 7,426,839 shares in the company, valued at $142,223,966.85. This trade represents a 9.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $2,356,681.52. Following the sale, the executive vice president owned 616,683 shares in the company, valued at $8,405,389.29. This represents a 21.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 4,765,093 shares of company stock valued at $77,807,101. Insiders own 6.44% of the company's stock.

Permian Resources Profile

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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