Natixis Advisors LLC Buys 260,274 Shares of Permian Resources Corporation $PR

Key Points

• Natixis Advisors increased its stake in Permian Resources by 26.8%, buying 260,274 shares to hold 1,230,781 shares (~0.15% of the company) worth about $15.75 million, and overall institutional ownership stands at 91.84% with large additions from Vanguard, Dimensional and others.
• Company insiders have been net sellers recently—insiders sold 4,765,093 shares worth $77.8 million in the last 90 days, including CEO James H. Walter's sale of 673,425 shares—leaving insiders with 6.44% ownership.
• Analysts are generally positive with a consensus "Moderate Buy" and a $20.42 target (several firms raised targets to $21–$22), while Permian beat quarterly EPS ($0.37 vs. $0.28) and raised its quarterly dividend to $0.16 (annualized $0.64, ~3.4% yield).

Natixis Advisors LLC increased its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 26.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,230,781 shares of the company's stock after purchasing an additional 260,274 shares during the quarter. Natixis Advisors LLC owned approximately 0.15% of Permian Resources worth $15,754,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Permian Resources by 10.4% during the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company's stock worth $914,733,000 after buying an additional 6,705,644 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Permian Resources by 20.9% during the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company's stock worth $346,919,000 after buying an additional 4,691,280 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company's stock valued at $236,207,000 after acquiring an additional 1,421,059 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in shares of Permian Resources by 24.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company's stock valued at $169,774,000 after acquiring an additional 2,628,744 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Permian Resources by 20.3% during the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company's stock worth $150,409,000 after acquiring an additional 1,863,632 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on PR. Citigroup increased their target price on Permian Resources from $17.00 to $21.00 and gave the company a "buy" rating in a research report on Friday, March 6th. Benchmark downgraded shares of Permian Resources from a "buy" rating to a "hold" rating in a research report on Thursday, March 5th. Raymond James Financial reissued a "strong-buy" rating and set a $21.00 target price on shares of Permian Resources in a report on Thursday, February 26th. The Goldman Sachs Group upped their price target on shares of Permian Resources from $17.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Wall Street Zen upgraded shares of Permian Resources from a "sell" rating to a "hold" rating in a report on Saturday, November 15th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.42.

Insider Activity

In other news, EVP Guy M. Oliphint sold 4,999 shares of Permian Resources stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.28, for a total value of $91,381.72. Following the completion of the transaction, the executive vice president directly owned 605,272 shares of the company's stock, valued at approximately $11,064,372.16. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James H. Walter sold 673,425 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the completion of the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 4,765,093 shares of company stock worth $77,807,101. 6.44% of the stock is owned by insiders.

Permian Resources Stock Down 1.4%

Permian Resources stock opened at $19.09 on Friday. The firm has a market cap of $15.83 billion, a price-to-earnings ratio of 15.27 and a beta of 0.66. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $19.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a 50 day moving average price of $16.39 and a two-hundred day moving average price of $14.54.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the firm posted $0.36 EPS. The company's quarterly revenue was down 9.8% on a year-over-year basis. Equities analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

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

Permian Resources Company 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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