Arrowstreet Capital Limited Partnership Invests $121.04 Million in Permian Resources Corporation $PR

Arrowstreet Capital Limited Partnership acquired a new stake in shares of Permian Resources Corporation (NYSE:PR) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,677,325 shares of the company’s stock, valued at approximately $121,041,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PR. AQR Capital Management LLC boosted its position in Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after buying an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after purchasing an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after purchasing an additional 87,105 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Permian Resources by 340.8% during the second 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 in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Permian Resources by 21.3% in the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after purchasing an additional 16,443 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Down 0.1%

PR opened at $21.34 on Friday. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $17.87 billion, a P/E ratio of 24.82 and a beta of 0.46. The business’s 50-day simple moving average is $19.51 and its 200-day simple moving average is $18.77.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. Permian Resources’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 EPS. Analysts anticipate that Permian Resources Corporation will post 1.94 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources’s payout ratio is 74.42%.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently commented on PR. Raymond James Financial cut their price target on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a report on Wednesday, June 17th. Scotiabank raised their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Zacks Research downgraded shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Evercore started coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective on the stock. Finally, BMO Capital Markets upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $23.29.

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.