Trexquant Investment LP Raises Position in Permian Resources Corporation $PR

Key Points

• Trexquant Investment LP increased its holdings in Permian Resources Corporation by 57.8% during the first quarter, owning 2,164,519 shares valued at approximately $29.98 million.
• The company recently announced a quarterly dividend of $0.15, resulting in an annualized dividend yield of 4.2% based on a payout ratio of 38.96%.
• Permian Resources has received a mix of ratings from analysts, with a consensus rating of "Buy" and an average target price of $18.53.

Trexquant Investment LP lifted its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 57.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,164,519 shares of the company's stock after buying an additional 793,141 shares during the period. Trexquant Investment LP owned approximately 0.27% of Permian Resources worth $29,979,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Permian Resources during the fourth quarter valued at $431,676,000. Nuveen LLC purchased a new stake in shares of Permian Resources during the first quarter valued at $175,525,000. Freestone Grove Partners LP purchased a new stake in shares of Permian Resources during the fourth quarter valued at $57,114,000. Dimensional Fund Advisors LP boosted its position in shares of Permian Resources by 19.4% during the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock valued at $195,276,000 after buying an additional 2,286,363 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Permian Resources by 33.1% during the first quarter. Principal Financial Group Inc. now owns 6,620,604 shares of the company's stock valued at $91,695,000 after buying an additional 1,647,487 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group increased their price objective on Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Piper Sandler raised their target price on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Wall Street Zen cut Permian Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Raymond James Financial reissued a "strong-buy" rating and issued a $23.00 target price (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Two 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. According to data from MarketBeat.com, Permian Resources has a consensus rating of "Buy" and an average price target of $18.53.

Permian Resources Price Performance

NYSE:PR traded down $0.14 during trading hours on Monday, reaching $14.32. 8,876,826 shares of the company traded hands, compared to its average volume of 10,235,610. The firm's 50-day moving average is $13.76 and its 200-day moving average is $13.29. The stock has a market cap of $11.46 billion, a P/E ratio of 9.30 and a beta of 1.42. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year 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, meeting analysts' consensus estimates of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. Permian Resources's quarterly revenue was down 3.9% on a year-over-year basis. Equities research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's dividend payout ratio is currently 38.96%.

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.