Wellington Management Group LLP Has $30.36 Million Stock Position in Permian Resources Corporation $PR

Key Points

• Wellington Management Group LLP increased its stake in Permian Resources Corporation by 236.8%, acquiring an additional 1,541,183 shares, bringing its total ownership to approximately 2.19 million shares valued at $30.36 million.
• Multiple institutional investors have shown strong interest in Permian Resources, with significant new positions from firms such as Barrow Hanley Mewhinney & Strauss LLC, valued at approximately $431.68 million.
• Analysts generally maintain a positive outlook on the company, with many upgrading target prices and issuing ratings of "Buy" or "Strong Buy," as the average price target is currently set at $18.53.

Wellington Management Group LLP raised its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 236.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,192,083 shares of the company's stock after purchasing an additional 1,541,183 shares during the period. Wellington Management Group LLP owned approximately 0.27% of Permian Resources worth $30,360,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP boosted its holdings in Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after purchasing an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC acquired a new position in shares of Permian Resources in the 1st quarter valued at approximately $30,000. Keystone Global Partners LLC acquired a new position in shares of Permian Resources in the 1st quarter valued at approximately $36,000. Brooklyn Investment Group raised its position in shares of Permian Resources by 433.9% in the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock valued at $43,000 after buying an additional 2,534 shares in the last quarter. Finally, Tsfg LLC acquired a new position in shares of Permian Resources in the 1st quarter valued at approximately $46,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

PR stock traded up $0.32 during trading on Thursday, reaching $14.47. 6,939,333 shares of the company were exchanged, compared to its average volume of 10,111,790. The company has a 50-day moving average of $13.77 and a two-hundred day moving average of $13.32. The company has a market capitalization of $11.58 billion, a price-to-earnings ratio of 9.39 and a beta of 1.32. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33. 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 (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.27. The business had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm's quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.39 EPS. As a group, equities analysts predict 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 given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.1%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is 38.96%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PR shares. William Blair started coverage on shares of Permian Resources in a research report on Monday. They issued an "outperform" rating for the company. Morgan Stanley boosted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Wall Street Zen cut shares of Permian Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Finally, 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 report on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $18.53.

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.