Permian Resources Corporation $PR Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Permian Resources stake by 32.9% in the first quarter, selling 3.84 million shares and ending with 7.83 million shares worth about $167 million.
• Permian Resources reported quarterly earnings of $0.39 per share, slightly beating estimates, while revenue came in at $1.39 billion; analysts now expect full-year EPS of 1.94.
• The company paid a quarterly dividend of $0.16 per share, implying a 3.0% annualized yield, while Wall Street maintains a generally positive view with a consensus rating of “Buy” and an average price target of $23.29.

Renaissance Technologies LLC decreased its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 32.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,834,037 shares of the company's stock after selling 3,835,411 shares during the quarter. Renaissance Technologies LLC owned approximately 0.94% of Permian Resources worth $167,022,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. AQR Capital Management LLC boosted its position in shares of 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 last quarter. Goldman Sachs Group Inc. increased its position in Permian Resources by 18.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock worth $75,512,000 after purchasing an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Permian Resources by 7.8% during 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 purchasing an additional 87,105 shares during the period. EverSource Wealth Advisors LLC raised its stake in 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 period. Finally, Marshall Wace LLP raised its stake in 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 purchasing an additional 16,443 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Price Performance

Permian Resources stock opened at $21.34 on Friday. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67. The firm has a fifty day moving average of $19.51 and a 200-day moving average of $18.77. The firm has a market capitalization of $17.87 billion, a P/E ratio of 24.82 and a beta of 0.46. 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 posted its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share 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 for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the business posted $0.44 EPS. The business's quarterly revenue was up .9% on a year-over-year basis. As a group, analysts predict that Permian Resources Corporation will post 1.94 EPS for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a $0.16 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. Permian Resources's dividend payout ratio (DPR) is 74.42%.

Insider Activity

In related news, EVP Guy M. Oliphint sold 62,769 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 5.00% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. KeyCorp assumed coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They set an "overweight" rating and a $25.00 price objective for the company. Scotiabank increased their target price 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. Evercore began coverage on Permian Resources in a report on Tuesday, June 23rd. They issued an "outperform" rating and a $25.00 target price on the stock. Wells Fargo & Company set a $26.00 price target on Permian Resources in a research report on Monday, May 25th. Finally, Truist Financial dropped their price target on Permian Resources from $25.00 to $22.00 and set a "buy" rating for the company in a research note on Monday, July 13th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Permian Resources presently has an average rating of "Buy" and a consensus target price of $23.29.

About Permian Resources

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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