Perpetual Ltd Boosts Position in 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 Permian Resources Corporation (NYSE:PR - Free Report) by 58.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,949,628 shares of the company's stock after purchasing an additional 1,090,517 shares during the period. Perpetual Ltd owned approximately 0.37% of Permian Resources worth $40,174,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Permian Resources by 204.3% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 3,825 shares of the company's stock worth $52,000 after purchasing an additional 2,568 shares in the last quarter. Atwood & Palmer Inc. bought a new position in shares of Permian Resources in the 2nd quarter worth $130,000. Parallel Advisors LLC lifted its holdings in shares of Permian Resources by 286.7% in the 2nd quarter. Parallel Advisors LLC now owns 13,085 shares of the company's stock worth $178,000 after purchasing an additional 9,701 shares in the last quarter. Voya Investment Management LLC lifted its holdings in shares of Permian Resources by 58.4% in the 1st quarter. Voya Investment Management LLC now owns 515,771 shares of the company's stock worth $7,143,000 after purchasing an additional 190,105 shares in the last quarter. Finally, First Hawaiian Bank lifted its holdings in shares of Permian Resources by 6.0% in the 1st quarter. First Hawaiian Bank now owns 102,172 shares of the company's stock worth $1,415,000 after purchasing an additional 5,744 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

PR traded up $0.48 during trading hours on Tuesday, hitting $13.86. The stock had a trading volume of 6,770,710 shares, compared to its average volume of 10,433,542. The company's fifty day simple moving average is $13.69 and its 200 day simple moving average is $13.31. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33. The stock has a market cap of $11.10 billion, a PE ratio of 8.99 and a beta of 1.42. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter last year, the firm posted $0.39 EPS. The firm's revenue for the quarter was down 3.9% on a year-over-year basis. Equities analysts anticipate 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. Investors of record on Tuesday, September 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.3%. Permian Resources's dividend payout ratio (DPR) is 38.96%.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent research reports. Mizuho cut their target price on Permian Resources from $20.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Wall Street Zen lowered Permian Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Scotiabank initiated coverage on Permian Resources in a research report on Friday. They issued a "sector outperform" rating and a $21.00 price target for the company. TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Wells Fargo & Company raised their target price on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $18.63.

Insider Activity

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was 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 owned 107,569 shares of the company's stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources 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. The trade was a 4.91% decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company's stock.

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.