Permian Resources Corporation $PR Shares Acquired by Sterling Capital Management LLC

Key Points

• Sterling Capital Management nearly doubled its stake in Permian Resources in Q1, increasing holdings by 98% to 168,262 shares worth about $3.59 million.
• Permian Resources reported Q1 earnings of $0.39 per share, slightly ahead of analyst estimates, while revenue came in at $1.39 billion and rose 0.9% year over year.
• The company announced a quarterly dividend of $0.16 per share, equal to an annualized yield of 3.4%, and analysts currently rate the stock a consensus Buy with an average target price of $23.18.

Sterling Capital Management LLC increased its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 98.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 168,262 shares of the company's stock after buying an additional 83,302 shares during the period. Sterling Capital Management LLC's holdings in Permian Resources were worth $3,587,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. SHP Wealth Management acquired a new position in Permian Resources during the 4th quarter worth $27,000. Los Angeles Capital Management LLC acquired a new stake in shares of Permian Resources in the 4th quarter valued at about $39,000. State of Wyoming raised its stake in shares of Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after purchasing an additional 1,640 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock worth $57,000 after purchasing an additional 3,224 shares during the last quarter. Finally, FNY Investment Advisers LLC bought a new position in shares of Permian Resources during the fourth quarter worth about $60,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of NYSE:PR opened at $18.65 on Friday. The company has a market cap of $15.61 billion, a PE ratio of 21.68 and a beta of 0.48. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $22.67. The firm has a 50-day simple moving average of $19.93 and a 200 day simple moving average of $18.04. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter last year, the company posted $0.44 earnings per share. Permian Resources's revenue was up .9% on a year-over-year basis. On average, sell-side analysts anticipate that Permian Resources Corporation will post 2 EPS for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.4%. Permian Resources's dividend payout ratio (DPR) is 74.42%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Raymond James Financial lowered their price objective on Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a report on Wednesday, June 17th. Truist Financial increased their target price on Permian Resources from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. Mizuho lifted their target price on Permian Resources from $26.00 to $27.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Weiss Ratings downgraded Permian Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, May 12th. Finally, The Goldman Sachs Group boosted their price target on Permian Resources from $17.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, March 11th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of "Buy" and an average target price of $23.18.

Insider Transactions at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is owned by corporate insiders.

Permian Resources 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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