Permian Resources Corporation $PR Shares Acquired by Goehring & Rozencwajg Associates LLC

Key Points

• Goehring & Rozencwajg Associates LLC increased its stake in Permian Resources by 304% in the first quarter, buying more than 1.36 million additional shares. The firm now owns 1.81 million shares valued at about $38.7 million.
• Analysts remain broadly positive on PR, with an average rating of Buy and an average price target of $23.24. Recent moves included small target cuts from Morgan Stanley and Citigroup, while BMO Capital upgraded the stock to strong-buy.
• Permian Resources reported quarterly EPS of $0.39, slightly topping estimates, and pays a quarterly dividend of $0.16 per share for an annual yield of about 3.3%. The stock recently traded near $19.62, below its 52-week high of $22.67.

Goehring & Rozencwajg Associates LLC boosted its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 304.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,814,700 shares of the company's stock after purchasing an additional 1,365,465 shares during the quarter. Permian Resources makes up approximately 2.1% of Goehring & Rozencwajg Associates LLC's holdings, making the stock its 17th largest position. Goehring & Rozencwajg Associates LLC owned approximately 0.22% of Permian Resources worth $38,689,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock valued at $352,906,000 after buying an additional 13,483,136 shares during the last quarter. Boston Partners boosted its holdings in shares of Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock valued at $222,099,000 after acquiring an additional 7,503,654 shares during the period. Millennium Management LLC grew its position in shares of Permian Resources by 210.6% during the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company's stock worth $126,081,000 after acquiring an additional 6,678,814 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of 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 acquiring an additional 4,533,732 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Permian Resources by 73.8% in the 4th quarter. Wellington Management Group LLP now owns 9,833,783 shares of the company's stock worth $137,968,000 after acquiring an additional 4,176,224 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on PR. Morgan Stanley reduced their target price on shares of Permian Resources from $25.00 to $24.00 and set an "overweight" rating for the company in a research note on Monday, June 29th. Citigroup dropped their price target on shares of Permian Resources from $26.00 to $24.00 and set a "buy" rating on the stock in a research note on Wednesday. Mizuho lifted their price target on Permian Resources from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. BMO Capital Markets upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 7th. Finally, Scotiabank increased their price objective on Permian Resources from $21.00 to $25.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $23.24.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the business's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares of the company's stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.00% of the company's stock.

Permian Resources Stock Up 0.2%

PR stock opened at $19.62 on Thursday. The firm's 50-day moving average is $19.44 and its two-hundred day moving average is $18.48. The company has a market capitalization of $16.43 billion, a price-to-earnings ratio of 22.82 and a beta of 0.46. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same period last year, the firm posted $0.44 earnings per share. The business's revenue was up .9% on a year-over-year basis. On average, analysts forecast that Permian Resources Corporation will post 1.89 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Permian Resources's dividend payout ratio (DPR) is 74.42%.

Permian Resources Company Profile

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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