140,335 Shares in Permian Resources Corporation $PR Bought by SCS Capital Management LLC

Key Points

• SCS Capital Management LLC has acquired a new stake in Permian Resources Corporation, buying 140,335 shares valued at approximately $1.94 million during the first quarter of the year.
• Permian Resources announced a quarterly dividend of $0.15 per share, translating to an annualized yield of 4.4%, set to be paid on September 30th.
• Equities analysts have a consensus rating of "Buy" for Permian Resources, with a target price of $18.47, reflecting positive sentiment from major investment firms.

SCS Capital Management LLC bought a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 140,335 shares of the company's stock, valued at approximately $1,944,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PR. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $431,676,000. Nuveen LLC purchased a new position in Permian Resources in the first quarter valued at $175,525,000. Alyeska Investment Group L.P. boosted its holdings in Permian Resources by 300.3% in the first quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company's stock valued at $80,787,000 after purchasing an additional 4,375,930 shares during the period. Millennium Management LLC boosted its holdings in Permian Resources by 56.7% in the first quarter. Millennium Management LLC now owns 7,578,553 shares of the company's stock valued at $104,963,000 after purchasing an additional 2,743,272 shares during the period. Finally, Woodline Partners LP boosted its holdings in Permian Resources by 94.1% in the first quarter. Woodline Partners LP now owns 5,419,700 shares of the company's stock valued at $75,063,000 after purchasing an additional 2,626,961 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Transactions at Permian Resources

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

Analyst Ratings Changes

PR has been the subject of a number of recent analyst reports. UBS Group lifted their price target on Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Wells Fargo & Company boosted their price target on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Royal Bank Of Canada restated an "outperform" rating and issued a $17.00 price target on shares of Permian Resources in a research report on Tuesday, September 2nd. Susquehanna boosted their target price on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. Finally, Mizuho decreased their price target on Permian Resources from $20.00 to $19.00 and set an "outperform" rating on the stock in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $18.47.

Permian Resources Stock Performance

Shares of NYSE PR traded down $0.47 during midday trading on Monday, hitting $13.24. 20,406,927 shares of the company's stock were exchanged, compared to its average volume of 10,091,243. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The stock's 50 day moving average price is $13.78 and its 200-day moving average price is $13.28. The firm has a market cap of $10.59 billion, a P/E ratio of 8.59 and a beta of 1.42. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm's quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.39 earnings per share. Equities research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current 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 given a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.5%. Permian Resources's dividend payout ratio is currently 38.96%.

About Permian Resources

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.