Ruffer LLP Buys New Stake in Permian Resources Corporation (NYSE:PR)

Key Points

• Ruffer LLP has made a significant new investment in Permian Resources Corporation, purchasing 358,620 shares valued at approximately $4.97 million during the 1st quarter.
• The company's recent earnings report showed $1.38 billion in revenue for the quarter, with earnings per share of $0.42, slightly below analysts' expectations.
• Permian Resources also announced a quarterly dividend of $0.15 per share, marking a 4.4% yield with a payout ratio of 37.04%.

Ruffer LLP acquired a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 358,620 shares of the company's stock, valued at approximately $4,967,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its holdings in Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after purchasing an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Permian Resources during the 4th quarter worth $431,676,000. Dimensional Fund Advisors LP boosted its position in shares of Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after purchasing an additional 4,236,141 shares in the last quarter. Geode Capital Management LLC increased its stake in Permian Resources by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 11,110,824 shares of the company's stock valued at $159,823,000 after buying an additional 168,887 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Permian Resources by 9.8% in the 4th quarter. Renaissance Technologies LLC now owns 10,809,247 shares of the company's stock valued at $155,437,000 after buying an additional 966,400 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Down 0.8%

NYSE:PR traded down $0.11 on Wednesday, hitting $13.60. The stock had a trading volume of 14,018,891 shares, compared to its average volume of 9,740,909. The company has a market cap of $10.92 billion, a PE ratio of 9.02 and a beta of 1.32. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The business's fifty day moving average is $13.86 and its 200 day moving average is $13.48. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. The company had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter in the prior year, the firm posted $0.25 EPS. The firm's quarterly revenue was up 10.7% on a year-over-year basis. On average, equities research analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

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 paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.4%. Permian Resources's dividend payout ratio (DPR) is 37.04%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PR. 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 research note on Wednesday, July 23rd. Wells Fargo & Company decreased their price target on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Bank of America increased their price target on shares of Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Finally, The Goldman Sachs Group increased their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $18.47.

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.