Nordea Investment Management AB Boosts Stake in Permian Resources Corporation $PR

Key Points

• Nordea Investment Management AB increased its stake in Permian Resources Corporation by 70.1% during the second quarter, pushing its ownership to 490,311 shares valued at approximately $6.73 million.
• Several institutional investors, including Wealth Enhancement Advisory Services and QRG Capital Management, have also significantly increased their stakes in Permian Resources, highlighting strong interest in the company's shares.
• Permian Resources recently announced a quarterly dividend of $0.15 per share, yielding 4.9%, with a payout ratio of approximately 38.96%.

Nordea Investment Management AB increased its position in Permian Resources Corporation (NYSE:PR - Free Report) by 70.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 490,311 shares of the company's stock after purchasing an additional 202,026 shares during the period. Nordea Investment Management AB owned 0.06% of Permian Resources worth $6,727,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PR. Wealth Enhancement Advisory Services LLC raised its stake in Permian Resources by 21.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 179,769 shares of the company's stock valued at $2,490,000 after acquiring an additional 31,812 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Permian Resources by 12.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock worth $444,000 after acquiring an additional 3,547 shares during the period. QRG Capital Management Inc. lifted its stake in Permian Resources by 26.8% in the 1st quarter. QRG Capital Management Inc. now owns 17,263 shares of the company's stock valued at $239,000 after buying an additional 3,651 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in Permian Resources by 3.3% in the 1st quarter. State of Alaska Department of Revenue now owns 74,965 shares of the company's stock valued at $1,038,000 after buying an additional 2,410 shares in the last quarter. Finally, Retirement Systems of Alabama lifted its stake in Permian Resources by 0.6% in the 1st quarter. Retirement Systems of Alabama now owns 778,578 shares of the company's stock valued at $10,783,000 after buying an additional 4,788 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president directly owned 107,569 shares in the company, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on 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 owned 91,805 shares in the company, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.

Permian Resources Price Performance

NYSE PR opened at $12.34 on Tuesday. The stock has a market capitalization of $9.88 billion, a P/E ratio of 8.01 and a beta of 1.32. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33. The business's fifty day moving average is $13.35 and its two-hundred day moving average is $13.21. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. The company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm's revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 earnings per share. On average, research analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.9%. The ex-dividend date was Tuesday, September 16th. Permian Resources's payout ratio is presently 38.96%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PR shares. Susquehanna raised their price objective on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a report on Wednesday, July 23rd. Piper Sandler raised their target price on Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Weiss Ratings restated a "buy (b-)" rating on shares of Permian Resources in a research note on Wednesday, October 8th. William Blair started coverage on Permian Resources in a research note on Monday, August 25th. They issued an "outperform" rating for the company. Finally, Raymond James Financial decreased their target price on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a research note on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $18.67.

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.

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