Odyssean LLC Raises Stake in Permian Resources Corporation $PR

Key Points

• Odyssean LLC increased its Permian Resources stake by 91.7% in the second quarter, bringing its holdings to 152,374 shares valued at approximately $2.8 million. Institutional investors collectively own 91.84% of the company.
• Permian Resources reported strong quarterly results, with adjusted EPS of $0.69 exceeding the $0.59 consensus and revenue of $1.86 billion up 55.1% year over year. Analysts remain broadly bullish, with a consensus “Buy” rating and a $23.65 target price.
• The company declared a quarterly dividend of $0.16 per share, equivalent to a 2.7% yield and a 42.38% payout ratio. Recent insider sales were primarily made to cover tax withholding on vested equity awards and represented less than 1% of the executives’ holdings.

Odyssean LLC grew its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 91.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 152,374 shares of the company's stock after acquiring an additional 72,900 shares during the quarter. Odyssean LLC's holdings in Permian Resources were worth $2,805,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company's stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Permian Resources by 115.5% in the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the last quarter. State Street Corp grew its stake in shares of Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company's stock valued at $330,454,000 after buying an additional 460,158 shares during the period. Wellington Management Group LLP grew its stake in shares of Permian Resources by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company's stock valued at $371,074,000 after buying an additional 763,059 shares during the period. Finally, Boston Partners increased its holdings in shares of Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company's stock worth $222,099,000 after buying an additional 7,503,654 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Key Permian Resources News

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Strong quarterly results: Permian Resources reported adjusted earnings of $0.69 per share, exceeding the $0.59 analyst consensus, while revenue of $1.86 billion surpassed the $1.66 billion estimate and increased 55.1% year over year. The results reinforced the company’s growth outlook and helped drive the post-earnings rally. Permian Resources post-earnings performance
• Positive Sentiment: Analyst upgrade: Wells Fargo raised Permian Resources to “strong buy,” adding to an already favorable consensus rating of “Buy.” Six analysts rate the stock a strong buy and 12 rate it a buy, supporting investor confidence.
• Positive Sentiment: Dividend support: The company declared a quarterly dividend of $0.16 per share, equivalent to a $0.64 annualized payout and an approximately 2.7% yield. Its 42.38% payout ratio indicates the dividend is supported by current earnings.
• Neutral Sentiment: Insider sales were limited and tax-related: Three executive vice presidents sold shares worth roughly $121,000 to $130,000 each. The transactions represented less than 1% of each executive’s holdings and were made to cover tax withholding on vested equity awards, reducing their significance as a bearish signal. Permian Resources insider transactions

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PR shares. Wall Street Zen raised shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Weiss Ratings raised Permian Resources from a "hold (c+)" rating to a "buy (b)" rating in a research note on Thursday, August 13th. Zacks Research downgraded Permian Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. Truist Financial upped their price target on Permian Resources from $22.00 to $24.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Finally, Mizuho upgraded Permian Resources to a "strong-buy" rating in a report on Friday, July 31st. Six research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of "Buy" and a consensus target price of $23.65.

Permian Resources Stock Down 1.5%

Permian Resources stock opened at $23.38 on Friday. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $24.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a 50 day moving average price of $21.00 and a 200 day moving average price of $20.18. The company has a market capitalization of $19.58 billion, a PE ratio of 15.48 and a beta of 0.49.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The company had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.66 billion. During the same period in the prior year, the firm earned $0.28 earnings per share. The firm's revenue was up 55.1% compared to the same quarter last year. Research analysts expect that Permian Resources Corporation will post 2.27 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 2.7%. Permian Resources's dividend payout ratio is presently 42.38%.

Insider Buying and Selling

In other Permian Resources news, EVP John Bell sold 5,492 shares of the business's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. This represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,196.25. Following the completion of the transaction, the executive vice president directly owned 537,400 shares of the company's stock, valued at approximately $12,763,250. The trade was a 0.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 15,699 shares of company stock valued at $372,851. Corporate insiders own 5.00% of the company's stock.

About Permian Resources

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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