Millennium Management LLC Raises Position in Permian Resources Corporation $PR

Key Points

• Millennium Management LLC has significantly increased its stake in Permian Resources Corporation, owning 7,578,553 shares worth approximately $104.96 million after a 56.7% increase in the first quarter.
• Permian Resources recently declared a quarterly dividend of $0.15 per share, translating to a 4.3% dividend yield, with a total annualized dividend of $0.60.
• Despite reporting earnings per share of $0.27, matching analysts' expectations, Permian Resources experienced a 3.9% year-over-year revenue decline, totaling $1.20 billion for the quarter.

Millennium Management LLC increased its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 56.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,578,553 shares of the company's stock after acquiring an additional 2,743,272 shares during the period. Millennium Management LLC owned about 0.94% of Permian Resources worth $104,963,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Permian Resources in the 4th quarter valued at about $431,676,000. Nuveen LLC acquired a new position in shares of Permian Resources in the 1st quarter valued at about $175,525,000. Alyeska Investment Group L.P. lifted its stake in shares of Permian Resources by 300.3% in the 1st quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company's stock valued at $80,787,000 after purchasing an additional 4,375,930 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Permian Resources by 19.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock valued at $195,276,000 after purchasing an additional 2,286,363 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Permian Resources by 33.1% in the first quarter. Principal Financial Group Inc. now owns 6,620,604 shares of the company's stock valued at $91,695,000 after purchasing an additional 1,647,487 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Insider Transactions at Permian Resources

In other news, EVP Robert Regan Shannon sold 4,742 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the transaction, the executive vice president directly owned 91,805 shares of the company's stock, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president directly owned 107,569 shares in the company, valued at $1,528,555.49. This trade represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.44% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Bank of America upped their price target on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Piper Sandler lifted their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Wall Street Zen lowered Permian Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. William Blair initiated coverage on Permian Resources in a research report on Monday, August 25th. They set an "outperform" rating for the company. Finally, The Goldman Sachs Group increased their price objective on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Permian Resources currently has an average rating of "Buy" and a consensus price target of $18.47.

Permian Resources Price Performance

Permian Resources stock traded down $0.31 during midday trading on Thursday, hitting $13.92. 3,589,662 shares of the company's stock were exchanged, compared to its average volume of 10,028,512. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The stock has a 50-day moving average price of $13.79 and a two-hundred day moving average price of $13.29. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market cap of $11.14 billion, a P/E ratio of 9.04 and a beta of 1.42.

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 analysts' consensus estimates of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the business posted $0.39 earnings per share. The company's revenue for the quarter was down 3.9% on a year-over-year basis. On average, equities research analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.3%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 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.