Sanders Morris Harris LLC Makes New Investment in Permian Resources Corporation $PR

Key Points

• Sanders Morris Harris LLC acquired 86,933 shares of Permian Resources in the third quarter, valued at approximately $1.86 million. Institutional investors collectively own 91.84% of the company.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $25.56; recent targets range from $28 to $29.
• Permian Resources reported quarterly earnings and revenue above expectations, with EPS of $0.69 and revenue of $1.86 billion, while declaring a $0.16 quarterly dividend yielding about 2.7% annually.

Sanders Morris Harris LLC acquired a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 86,933 shares of the company's stock, valued at approximately $1,856,000.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP lifted its stake in Permian Resources by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company's stock valued at $371,074,000 after buying an additional 763,059 shares in the last quarter. Jennison Associates LLC increased its stake in Permian Resources by 63.1% during the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company's stock worth $132,824,000 after buying an additional 2,411,292 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Permian Resources during the 1st quarter worth approximately $121,041,000. First Trust Advisors LP raised its holdings in shares of Permian Resources by 66.6% during the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company's stock valued at $118,636,000 after acquiring an additional 2,224,560 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Permian Resources by 1.8% during the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company's stock valued at $100,911,000 after acquiring an additional 85,509 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PR. Scotiabank initiated coverage on Permian Resources in a research report on Wednesday. They issued an "outperform" rating and a $29.00 target price on the stock. KeyCorp boosted their price target on Permian Resources from $25.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 15th. Wells Fargo & Company increased their price objective on Permian Resources from $27.00 to $28.00 and gave the company an "overweight" rating in a research note on Wednesday. Wall Street Zen raised Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Finally, Seaport Research Partners began coverage on Permian Resources in a report on Thursday, September 3rd. They issued a "buy" rating and a $29.00 price objective on the stock. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of "Buy" and an average target price of $25.56.

Permian Resources Trading Down 0.7%

NYSE:PR traded down $0.16 during trading hours on Wednesday, hitting $24.10. The company had a trading volume of 10,819,951 shares, compared to its average volume of 11,385,250. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average of $22.55 and a 200 day moving average of $20.93. The company has a market cap of $20.18 billion, a P/E ratio of 15.96 and a beta of 0.66. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $24.65.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the company earned $0.28 EPS. The company's revenue for the quarter was up 55.1% on a year-over-year basis. Sell-side analysts expect that Permian Resources Corporation will post 2.34 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were issued a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. Permian Resources's dividend payout ratio is currently 42.38%.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Bell sold 5,492 shares of Permian Resources stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares of the company's stock, valued at $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the business's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president owned 1,346,698 shares in the company, valued at $31,984,077.50. The trade was a 0.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is owned by company insiders.

About Permian Resources

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.