Woodline Partners LP Has $75.06 Million Holdings in Permian Resources Corporation $PR

Key Points

• Woodline Partners LP increased its stake in Permian Resources Corporation by 94.1%, acquiring a total of 5,419,700 shares worth $75,063,000.
• Permian Resources announced a quarterly dividend of $0.15 per share, representing an annual yield of 4.4%, with an ex-dividend date on September 16th.
• Analyst ratings for Permian Resources indicate a consensus of Buy with a target price of $18.47, despite some downgrades and varying price objectives from different firms.

Woodline Partners LP grew its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 94.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,419,700 shares of the company's stock after buying an additional 2,626,961 shares during the quarter. Woodline Partners LP owned 0.67% of Permian Resources worth $75,063,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Permian Resources in the fourth quarter valued at approximately $431,676,000. Dimensional Fund Advisors LP lifted its position in shares of Permian Resources by 19.4% in the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock worth $195,276,000 after purchasing an additional 2,286,363 shares in the last quarter. Nuveen LLC bought a new stake in shares of Permian Resources in the first quarter worth $175,525,000. Invesco Ltd. lifted its position in shares of Permian Resources by 8.9% in the first quarter. Invesco Ltd. now owns 8,622,575 shares of the company's stock worth $119,423,000 after purchasing an additional 701,825 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Permian Resources by 56.7% in the first quarter. Millennium Management LLC now owns 7,578,553 shares of the company's stock worth $104,963,000 after purchasing an additional 2,743,272 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

PR has been the topic of a number of research reports. Morgan Stanley boosted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Bank of America boosted their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Wall Street Zen lowered shares of Permian Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Susquehanna boosted their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. Finally, UBS Group upped their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $18.47.

Insider Activity

In other news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president directly owned 91,805 shares of the company's stock, valued at $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Charles Bell sold 4,743 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the transaction, the executive vice president directly owned 107,569 shares in the company, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.44% of the stock is owned by corporate insiders.

Permian Resources Stock Performance

NYSE PR traded down $0.25 on Friday, hitting $13.70. 6,721,651 shares of the stock were exchanged, compared to its average volume of 8,764,145. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The business's fifty day moving average is $13.78 and its 200 day moving average is $13.29. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The company has a market capitalization of $10.97 billion, a PE ratio of 8.90 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the firm posted $0.39 earnings per share. The company's quarterly revenue was down 3.9% compared to the same quarter last year. Research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.4%. Permian Resources's dividend payout ratio is presently 38.96%.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.