Cynosure Group LLC Makes New $507,000 Investment in Permian Resources Corporation $PR

Cynosure Group LLC bought a new position in shares of Permian Resources Corporation (NYSE:PR) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 36,167 shares of the company’s stock, valued at approximately $507,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP boosted its position in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the period. Bank of New York Mellon Corp boosted its position in Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the period. State Street Corp boosted its position in Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares during the period. Finally, Boston Partners boosted its position in Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the period. Institutional investors own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PR shares. Piper Sandler increased their target price on shares of Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. TD Cowen increased their target price on shares of Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. KeyCorp started coverage on shares of Permian Resources in a research report on Tuesday, April 7th. They set an “overweight” rating and a $25.00 target price for the company. Raymond James Financial reiterated a “strong-buy” rating and set a $21.00 target price on shares of Permian Resources in a research report on Thursday, February 26th. Finally, Benchmark lowered shares of Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.69.

Permian Resources Price Performance

PR stock opened at $18.67 on Wednesday. The firm has a 50 day moving average of $20.22 and a 200-day moving average of $17.83. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The firm has a market capitalization of $15.64 billion, a P/E ratio of 21.71 and a beta of 0.48.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates 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 was up .9% compared to the same quarter last year. During the same period last year, the business earned $0.44 earnings per share. As a group, sell-side analysts predict that Permian Resources Corporation will post 2.01 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is 74.42%.

Permian Resources 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.