Tudor Investment Corp ET AL Has $20.93 Million Stock Position in Permian Resources Corporation $PR

Key Points

• Tudor Investment Corp ET AL boosted its stake in Permian Resources by 14,373% in Q3 and now owns 1,635,450 shares (~0.20% of the company) valued at about $20.93 million.
• Company insiders have been net sellers recently — insiders sold 5,340,522 shares worth roughly $89.07 million over the past 90 days, including director sales of 7,750 and 50,000 shares by Aron Marquez and Jeffrey Tepper, respectively.
• Analyst sentiment is broadly positive with a consensus rating of "Moderate Buy" and an average target price of $20.85 (several firms have recently raised targets), and Permian also raised its quarterly dividend to $0.16 (annualized $0.64) for a yield of about 3.2%.

Tudor Investment Corp ET AL lifted its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 14,373.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,635,450 shares of the company's stock after acquiring an additional 1,624,150 shares during the quarter. Tudor Investment Corp ET AL owned approximately 0.20% of Permian Resources worth $20,934,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PR. Farther Finance Advisors LLC lifted its position in Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company's stock valued at $25,000 after purchasing an additional 1,047 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock valued at $57,000 after purchasing an additional 3,224 shares during the period. Allworth Financial LP boosted its position in shares of Permian Resources by 162.4% in the 2nd quarter. Allworth Financial LP now owns 5,430 shares of the company's stock worth $74,000 after purchasing an additional 3,361 shares during the last quarter. Rakuten Securities Inc. grew its stake in shares of Permian Resources by 237.6% during the second quarter. Rakuten Securities Inc. now owns 7,106 shares of the company's stock worth $97,000 after purchasing an additional 5,001 shares during the period. Finally, UMB Bank n.a. increased its holdings in Permian Resources by 18.0% in the third quarter. UMB Bank n.a. now owns 8,203 shares of the company's stock valued at $105,000 after purchasing an additional 1,250 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. TD Cowen increased their price target on shares of Permian Resources from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday. Wells Fargo & Company upped their target price on shares of Permian Resources from $17.00 to $21.00 and gave the company an "overweight" rating in a research note on Monday, March 16th. Benchmark lowered shares of Permian Resources from a "buy" rating to a "hold" rating in a report on Thursday, March 5th. Raymond James Financial reissued a "strong-buy" rating and set a $21.00 price target on shares of Permian Resources in a research report on Thursday, February 26th. Finally, UBS Group boosted their price target on shares of Permian Resources from $19.00 to $23.00 and gave the company a "buy" rating in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $20.85.

Insider Activity

In related news, Director Aron Marquez sold 7,750 shares of the company's stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total transaction of $152,055.00. Following the sale, the director owned 72,218 shares in the company, valued at approximately $1,416,917.16. This represents a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey Tepper sold 50,000 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the transaction, the director directly owned 150,546 shares of the company's stock, valued at $2,917,581.48. This trade represents a 24.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 5,340,522 shares of company stock worth $89,069,383. 6.44% of the stock is currently owned by company insiders.

Permian Resources Trading Up 0.6%

NYSE:PR opened at $20.08 on Friday. The company has a market cap of $16.66 billion, a P/E ratio of 16.07, a price-to-earnings-growth ratio of 4.00 and a beta of 0.66. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $20.41. The business has a 50 day moving average price of $17.08 and a two-hundred day moving average price of $14.77. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the company earned $0.36 earnings per share. The firm's revenue was down 9.8% compared to the same quarter last year. As a group, analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.16 per share. This is a boost from Permian Resources's previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 annualized dividend and a yield of 3.2%. Permian Resources's payout ratio is presently 51.20%.

Permian Resources Company Profile

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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