PDT Partners LLC Invests $284,000 in Permian Resources Corporation $PR

Key Points

• PDT Partners LLC acquired a new stake in Permian Resources Corporation by purchasing 20,501 shares valued at approximately $284,000 in the first quarter of 2023.
• Permian Resources announced a quarterly dividend of $0.15 per share, scheduled for payment on September 30, representing an annualized dividend of $0.60 with a yield of 4.3%.
• Wall Street analysts have varying views on Permian Resources, with target prices ranging from $17.00 to $23.00, and a consensus rating of "Buy" from analysts.

PDT Partners LLC acquired a new stake in Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 20,501 shares of the company's stock, valued at approximately $284,000.

Other large investors also recently made changes to their positions in the company. Allworth Financial LP lifted its position in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after purchasing an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in Permian Resources during the first quarter worth about $30,000. Keystone Global Partners LLC purchased a new position in shares of Permian Resources in the first quarter worth about $36,000. Brooklyn Investment Group increased its stake in shares of Permian Resources by 433.9% in the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock worth $43,000 after purchasing an additional 2,534 shares in the last quarter. Finally, Tsfg LLC purchased a new position in shares of Permian Resources in the first quarter worth about $46,000. 91.84% of the stock is owned by institutional investors.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 sale, the executive vice president owned 107,569 shares of the company's stock, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PR shares. Wells Fargo & Company lifted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. William Blair started coverage on shares of Permian Resources in a research note on Monday, August 25th. They issued an "outperform" rating for the company. Wall Street Zen downgraded shares of Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Morgan Stanley lifted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Permian Resources has an average rating of "Buy" and a consensus target price of $18.47.

Permian Resources Price Performance

NYSE:PR traded down $0.28 during mid-day trading on Thursday, hitting $13.94. 8,238,982 shares of the stock traded hands, compared to its average volume of 8,811,203. The business's 50-day moving average price is $13.78 and its 200 day moving average price is $13.29. The company has a market cap of $11.16 billion, a PE ratio of 9.05 and a beta of 1.42. Permian Resources Corporation has a 12-month low of $10.01 and a 12-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.

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

Permian Resources Announces Dividend

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 given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.3%. Permian Resources's payout ratio is presently 38.96%.

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.