Principal Financial Group Inc. Acquires 85,509 Shares of Permian Resources Corporation $PR

Key Points

• Principal Financial Group increased its stake in Permian Resources by 1.8% in the first quarter, adding 85,509 shares to bring its total holding to 4.73 million shares worth about $100.9 million.
• Other major institutions also boosted their positions, and institutional ownership remains high at 91.84%. However, insider activity included EVP Guy M. Oliphint selling 62,769 shares in May.
• Permian Resources reported Q1 EPS of $0.39, slightly ahead of estimates, and continues to pay a quarterly dividend of $0.16 per share, translating to a 3.3% annual yield. Analysts remain generally positive, with an average rating of “Buy” and an average price target of $23.24.

Principal Financial Group Inc. boosted its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 1.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,733,183 shares of the company's stock after purchasing an additional 85,509 shares during the quarter. Principal Financial Group Inc. owned about 0.57% of Permian Resources worth $100,911,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PR. AQR Capital Management LLC grew its position in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock worth $2,060,000 after buying an additional 61,230 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock valued at $75,512,000 after acquiring an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 acquiring an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC boosted 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 acquiring an additional 3,224 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in Permian Resources by 21.3% in 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. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.00% of the stock is currently owned by insiders.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $19.62 on Thursday. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average price of $19.44 and a 200-day moving average price of $18.48. The company has a market cap of $16.43 billion, a PE ratio of 22.82 and a beta of 0.46.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (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 company had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same quarter in the previous year, the firm earned $0.44 earnings per share. Permian Resources's quarterly revenue was up .9% on a year-over-year basis. Equities analysts anticipate that Permian Resources Corporation will post 1.89 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources's payout ratio is currently 74.42%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PR shares. Scotiabank lifted their price target on shares of Permian Resources from $21.00 to $25.00 and gave the company a "sector outperform" rating in a research note on Wednesday, April 22nd. Truist Financial decreased their target price on Permian Resources from $25.00 to $22.00 and set a "buy" rating for the company in a research report on Monday. Wells Fargo & Company set a $26.00 price target on Permian Resources in a research note on Monday, May 25th. Citigroup cut their price target on Permian Resources from $26.00 to $24.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Evercore began coverage on Permian Resources in a research note on Tuesday, June 23rd. They issued an "outperform" rating and a $25.00 price objective for the company. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Permian Resources has an average rating of "Buy" and an average price target of $23.24.

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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