Permian Resources Corporation $PR Shares Purchased by Aventail Capital Group LP

Key Points

• Aventail Capital Group LP boosted its Permian Resources stake by 42.5% in the fourth quarter, ending with 1.14 million shares valued at about $16 million. The stock now represents roughly 0.9% of Aventail’s portfolio.
• Several other institutional investors also increased holdings, and 91.84% of the stock is owned by hedge funds and other institutions. Meanwhile, EVP Guy M. Oliphint sold 62,769 shares in May, reducing his direct ownership by 10.37%.
• Permian Resources reported quarterly EPS of $0.39, topping estimates by $0.01, and it also announced a quarterly dividend of $0.16 per share payable June 30 for a 3.4% annualized yield. Analysts currently rate the stock a Moderate Buy with a consensus target price of $23.00.

Aventail Capital Group LP increased its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 42.5% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,139,933 shares of the company's stock after acquiring an additional 339,857 shares during the period. Permian Resources makes up about 0.9% of Aventail Capital Group LP's holdings, making the stock its 29th largest holding. Aventail Capital Group LP owned approximately 0.14% of Permian Resources worth $15,993,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PR. AQR Capital Management LLC grew its position in Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock worth $2,060,000 after acquiring an additional 61,230 shares during the period. Goldman Sachs Group Inc. grew its position in Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock worth $75,512,000 after acquiring an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company's stock worth $16,751,000 after acquiring an additional 87,105 shares during the period. EverSource Wealth Advisors LLC boosted 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 buying an additional 3,224 shares during the period. Finally, Marshall Wace LLP boosted its position in shares of Permian Resources by 21.3% during the second quarter. Marshall Wace LLP now owns 93,507 shares of the company's stock worth $1,274,000 after buying an additional 16,443 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the firm'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 directly owned 542,503 shares in the company, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.00% of the stock is currently owned by corporate insiders.

Permian Resources Trading Down 0.6%

NYSE:PR opened at $18.56 on Thursday. The firm has a market cap of $15.54 billion, a PE ratio of 21.58 and a beta of 0.48. The stock has a fifty day moving average price of $20.17 and a 200 day moving average price of $17.86. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month 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 released its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources's revenue was up .9% compared to the same quarter last year. During the same period last year, the business posted $0.44 earnings per share. Sell-side analysts anticipate that Permian Resources Corporation will post 2.01 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced 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 is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. Permian Resources's dividend payout ratio (DPR) is 74.42%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PR. Wells Fargo & Company set a $26.00 price target on Permian Resources in a research report on Monday, May 25th. Scotiabank raised their price target on Permian Resources from $21.00 to $25.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 22nd. The Goldman Sachs Group raised their price target on Permian Resources from $17.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, March 11th. Truist Financial raised their price target on Permian Resources from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, April 14th. Finally, BMO Capital Markets upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 7th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $23.00.

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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