Permian Resources Corporation $PR Shares Purchased by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management boosted its stake in Permian Resources by 77.2% in the fourth quarter, adding more than 2.59 million shares and bringing its total holding to 5.95 million shares worth about $83.5 million.
• Other major institutions also increased their positions, and 91.84% of Permian Resources stock is owned by institutional investors and hedge funds. At the same time, insiders sold 1.44 million shares over the last three months.
• The company reported better-than-expected quarterly earnings of $0.39 per share and continues to pay a quarterly dividend of $0.16 per share, implying an annual yield of 3.2%. Analysts currently rate the stock a Moderate Buy with an average price target of $22.69.

Westfield Capital Management Co. LP increased its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 77.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,951,186 shares of the company's stock after purchasing an additional 2,593,470 shares during the quarter. Westfield Capital Management Co. LP owned 0.72% of Permian Resources worth $83,495,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Permian Resources by 20.9% in the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company's stock worth $346,919,000 after acquiring an additional 4,691,280 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of 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 worth $352,906,000 after acquiring an additional 13,483,136 shares during the last quarter. Boston Partners raised its holdings in shares of Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock worth $222,099,000 after acquiring an additional 7,503,654 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Permian Resources by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 13,291,523 shares of the company's stock worth $186,534,000 after acquiring an additional 382,777 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Permian Resources

In other Permian Resources news, Director Jeffrey Tepper sold 50,000 shares of the business's stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $19.38, for a total transaction of $969,000.00. Following the completion of the sale, the director owned 150,546 shares of the company's stock, valued at approximately $2,917,581.48. The trade was a 24.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Aron Marquez sold 7,750 shares of the business's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total value of $152,055.00. Following the sale, the director directly owned 72,218 shares of the company's stock, valued at approximately $1,416,917.16. This trade represents a 9.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,438,198 shares of company stock worth $27,865,280 in the last three months. 5.00% of the stock is currently owned by insiders.

Permian Resources Stock Performance

Permian Resources stock opened at $20.15 on Friday. The firm has a market capitalization of $16.87 billion, a P/E ratio of 23.43 and a beta of 0.48. The stock has a fifty day moving average price of $20.54 and a 200 day moving average price of $17.53. 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 released its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the firm posted $0.44 earnings per share. The business's quarterly revenue was up .9% compared to the same quarter last year. Equities research analysts anticipate that Permian Resources Corporation will post 2 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources's payout ratio is 74.42%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Mizuho boosted their price target on Permian Resources from $26.00 to $27.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Citigroup boosted their price target on Permian Resources from $21.00 to $26.00 and gave the stock a "buy" rating in a report on Tuesday, March 31st. Piper Sandler boosted their price target on Permian Resources from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Raymond James Financial reissued a "strong-buy" rating and issued a $21.00 price target on shares of Permian Resources in a report on Thursday, February 26th. Finally, Wells Fargo & Company set a $26.00 price target on Permian Resources in a report on Monday, May 25th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and an average target price of $22.69.

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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