UBS Group AG Boosts Holdings in Permian Resources Corporation $PR

UBS Group AG raised its holdings in Permian Resources Corporation (NYSE:PR) by 39.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 6,560,632 shares of the company’s stock after acquiring an additional 1,858,992 shares during the period. UBS Group AG’s holdings in Permian Resources were worth $92,046,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PR. Boston Partners grew its holdings in Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after buying an additional 7,503,654 shares during the period. Vanguard Group Inc. grew its holdings in Permian Resources by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after buying an additional 6,705,644 shares during the period. Millennium Management LLC grew its holdings in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after buying an additional 6,678,814 shares during the period. Dimensional Fund Advisors LP grew its holdings in Permian Resources by 20.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after buying an additional 4,691,280 shares during the period. Finally, Merewether Investment Management LP grew its holdings in Permian Resources by 63.5% in the 3rd quarter. Merewether Investment Management LP now owns 8,836,137 shares of the company’s stock valued at $113,103,000 after buying an additional 3,431,900 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 512,429 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total value of $10,038,484.11. Following the sale, the director directly owned 6,914,410 shares of the company’s stock, valued at $135,453,291.90. This trade represents a 6.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Guy M. Oliphint sold 4,999 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.28, for a total value of $91,381.72. Following the completion of the sale, the executive vice president directly owned 605,272 shares in the company, valued at $11,064,372.16. This represents a 0.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 3,130,066 shares of company stock valued at $58,837,655 over the last three months. 5.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on PR shares. KeyCorp started coverage on Permian Resources in a report on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price target for the company. Roth Mkm restated a “neutral” rating and issued a $22.00 price target (up from $20.00) on shares of Permian Resources in a report on Wednesday, April 8th. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. TD Cowen boosted their target price on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Finally, Citigroup boosted their target price on Permian Resources from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, March 31st. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Permian Resources has a consensus rating of “Buy” and an average price target of $22.38.

Permian Resources Stock Performance

Permian Resources stock opened at $22.07 on Friday. The stock’s 50 day moving average price is $19.92 and its 200 day moving average price is $16.27. The firm has a market capitalization of $18.45 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 1.25 and a beta of 0.52. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. Permian Resources Corporation has a one year low of $11.64 and a one year high of $22.11.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business’s revenue was down 9.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 EPS. As a group, sell-side analysts expect that Permian Resources Corporation will post 1.92 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were given a $0.16 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, March 17th. Permian Resources’s dividend payout ratio is 51.20%.

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.