Wellington Management Group LLP Raises Stock Holdings in Permian Resources Co. (NYSE:PR)

Wellington Management Group LLP grew its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 1,435.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 650,900 shares of the company's stock after purchasing an additional 608,496 shares during the quarter. Wellington Management Group LLP owned about 0.08% of Permian Resources worth $9,360,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC bought a new position in Permian Resources during the fourth quarter worth about $632,000. Charles Schwab Investment Management Inc. boosted its position in Permian Resources by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock worth $62,407,000 after purchasing an additional 176,320 shares during the period. New York State Teachers Retirement System boosted its position in Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock worth $3,881,000 after purchasing an additional 72,726 shares during the period. Channing Capital Management LLC boosted its position in Permian Resources by 286.1% during the fourth quarter. Channing Capital Management LLC now owns 620,138 shares of the company's stock worth $8,918,000 after purchasing an additional 459,516 shares during the period. Finally, M&T Bank Corp boosted its position in shares of Permian Resources by 60.9% in the fourth quarter. M&T Bank Corp now owns 53,742 shares of the company's stock valued at $773,000 after acquiring an additional 20,340 shares during the period. Institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of PR stock traded down $0.14 during trading hours on Wednesday, hitting $13.16. 14,340,745 shares of the company's stock were exchanged, compared to its average volume of 9,676,890. The company has a market capitalization of $10.57 billion, a PE ratio of 7.98, a PEG ratio of 4.05 and a beta of 1.20. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $16.95. The business's 50 day simple moving average is $12.37 and its 200-day simple moving average is $13.77. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company's revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business posted $0.25 earnings per share. On average, equities research analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.56%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's payout ratio is 37.04%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PR. Citigroup lowered shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Piper Sandler cut their price objective on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Royal Bank of Canada raised their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. cut their price objective on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, UBS Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Permian Resources presently has a consensus rating of "Moderate Buy" and an average target price of $18.56.

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.