Nuveen LLC Makes New $175.53 Million Investment in Permian Resources Corporation (NYSE:PR)

Key Points

• Nuveen LLC made a significant investment of approximately $175.53 million in Permian Resources Corporation, acquiring over 12.6 million shares, representing 1.58% ownership of the company.
• Permian Resources announced a quarterly dividend of $0.15 per share with a yield of 4.6%, set to be paid on September 30th.
• Institutional investors own 91.84% of Permian Resources stock, indicating strong institutional interest and support for the company's performance.

Nuveen LLC acquired a new position in Permian Resources Corporation (NYSE:PR - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 12,673,272 shares of the company's stock, valued at approximately $175,525,000. Nuveen LLC owned 1.58% of Permian Resources at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after buying an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Permian Resources during the 4th quarter worth approximately $431,676,000. Dimensional Fund Advisors LP lifted its position in shares of Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after buying an additional 4,236,141 shares during the period. Invesco Ltd. lifted its position in shares of Permian Resources by 8.9% during the 1st quarter. Invesco Ltd. now owns 8,622,575 shares of the company's stock worth $119,423,000 after buying an additional 701,825 shares during the period. Finally, T. Rowe Price Investment Management Inc. lifted its position in shares of Permian Resources by 9.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,364,652 shares of the company's stock worth $120,284,000 after buying an additional 709,923 shares during the period. Institutional investors own 91.84% of the company's stock.

Permian Resources Trading Down 2.1%

PR stock opened at $12.99 on Tuesday. The company has a market cap of $10.44 billion, a P/E ratio of 8.43 and a beta of 1.32. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. The business has a fifty day moving average of $13.90 and a 200-day moving average of $13.39.

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

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.6%. Permian Resources's dividend payout ratio is presently 38.96%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Royal Bank Of Canada raised their target price on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Wall Street Zen downgraded Permian Resources from a "hold" rating to a "sell" rating in a research report on Saturday. Raymond James Financial reaffirmed a "strong-buy" rating and set a $23.00 price target (up from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Susquehanna raised their price target on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Finally, UBS Group raised their price target on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Monday, May 12th. Two research analysts have rated the stock with a sell rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and an average price target of $18.47.

Permian Resources Company 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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