Perpetual Ltd Purchases 1,090,517 Shares of Permian Resources Corporation $PR

Key Points

• Perpetual Ltd increased its stock holdings in Permian Resources Corporation by 58.7% during the second quarter, now owning approximately 2.95 million shares valued at about $40.17 million.
• Permian Resources announced a quarterly dividend of $0.15 per share, with a yield of 4.4%, to be paid on September 30th.
• Research analysts have varied opinions on the stock with a consensus rating of "Buy" and an average target price of $18.47, reflecting investor optimism.

Perpetual Ltd increased its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 58.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,949,628 shares of the company's stock after acquiring an additional 1,090,517 shares during the period. Perpetual Ltd owned about 0.37% of Permian Resources worth $40,174,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP lifted its position in shares of Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after purchasing an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC acquired a new position in Permian Resources in the 1st quarter worth approximately $30,000. Keystone Global Partners LLC purchased a new position in Permian Resources in the 1st quarter valued at $36,000. Brooklyn Investment Group grew its position in Permian Resources by 433.9% in the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock valued at $43,000 after acquiring an additional 2,534 shares in the last quarter. Finally, Tsfg LLC purchased a new stake in shares of Permian Resources during the first quarter worth approximately $46,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

NYSE:PR traded down $0.32 on Friday, hitting $13.26. The company's stock had a trading volume of 19,190,397 shares, compared to its average volume of 12,330,170. The stock has a fifty day moving average of $13.70 and a two-hundred day moving average of $13.30. The firm has a market capitalization of $10.61 billion, a P/E ratio of 9.46 and a beta of 1.42. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR - Get Free Report) last announced its 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 company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The firm's quarterly revenue was down 3.9% compared to the same quarter last year. Research analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's payout ratio is currently 38.96%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PR shares. Wall Street Zen downgraded Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company boosted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Mizuho reduced their price target on shares of Permian Resources from $20.00 to $19.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Scotiabank started coverage on shares of Permian Resources in a research note on Friday. They set a "sector outperform" rating and a $21.00 price objective for the company. Finally, Susquehanna boosted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Permian Resources has an average rating of "Buy" and a consensus target price of $18.63.

Insiders Place Their Bets

In related news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares of the company's stock, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the sale, the executive vice president directly owned 107,569 shares in the company, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Permian Resources Company Profile

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.