Wellington Management Group LLP Grows Stake in Permian Resources Corporation $PR

Key Points

• Wellington Management increased its Permian Resources stake by 3.9% in the second quarter, adding 763,059 shares to own 20.16 million shares valued at approximately $371.1 million. Institutional investors collectively hold 91.84% of the company.
• Permian Resources reported strong quarterly results, with EPS of $0.69 beating estimates by $0.10 and revenue of $1.86 billion rising 55.1% year over year. Shares opened at $22.70, near their 52-week high of $24.09.
• The company declared a quarterly dividend of $0.16 per share, equivalent to an annualized $0.64 payout and a 2.8% yield. Analysts maintain a broadly positive outlook, with an average “Buy” rating and a $23.65 price target.

Wellington Management Group LLP increased its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 3.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,156,113 shares of the company's stock after purchasing an additional 763,059 shares during the quarter. Wellington Management Group LLP owned 2.41% of Permian Resources worth $371,074,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. SJS Investment Consulting Inc. boosted its position in shares of Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock worth $30,000 after buying an additional 1,341 shares in the last quarter. SHP Wealth Management purchased a new position in Permian Resources during the 4th quarter valued at about $27,000. Cedar Mountain Advisors LLC purchased a new position in Permian Resources during the 1st quarter valued at about $48,000. Los Angeles Capital Management LLC acquired a new position in Permian Resources during the fourth quarter worth about $39,000. Finally, State of Wyoming raised its position in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after acquiring an additional 1,640 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Stock Performance

Shares of PR opened at $22.70 on Monday. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $24.09. The company's 50 day simple moving average is $20.53 and its 200 day simple moving average is $19.97. The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 15.03 and a beta of 0.47. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the firm posted $0.28 earnings per share. The business's quarterly revenue was up 55.1% compared to the same quarter last year. On average, sell-side analysts predict that Permian Resources Corporation will post 2.24 EPS for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Wednesday, September 16th. Permian Resources's dividend payout ratio (DPR) is 42.38%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Wall Street Zen raised shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Truist Financial upped their target price on Permian Resources from $22.00 to $24.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Weiss Ratings upgraded Permian Resources from a "hold (c+)" rating to a "buy (b)" rating in a report on Thursday, August 13th. Raymond James Financial reissued a "strong-buy" rating and set a $29.00 price target on shares of Permian Resources in a research report on Thursday. Finally, Roth Capital set a $23.00 price target on Permian Resources and gave the stock a "buy" rating in a report on Monday, June 22nd. Five research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $23.65.

About Permian Resources

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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