Jennison Associates LLC Purchases 2,411,292 Shares of Permian Resources Corporation $PR

Jennison Associates LLC raised its holdings in shares of Permian Resources Corporation (NYSE:PR) by 63.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,230,034 shares of the company’s stock after buying an additional 2,411,292 shares during the period. Jennison Associates LLC owned about 0.74% of Permian Resources worth $132,824,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. SHP Wealth Management purchased a new stake in shares of Permian Resources in the fourth quarter worth approximately $27,000. SJS Investment Consulting Inc. boosted its holdings in Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after acquiring an additional 1,341 shares during the period. Los Angeles Capital Management LLC bought a new position in Permian Resources in the 4th quarter valued at $39,000. State of Wyoming grew its position in Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after acquiring an additional 1,640 shares during the last quarter. Finally, Cedar Mountain Advisors LLC purchased a new stake in Permian Resources in the first quarter worth $48,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of PR stock opened at $20.20 on Friday. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $22.67. The stock has a market capitalization of $16.91 billion, a price-to-earnings ratio of 23.49 and a beta of 0.46. The stock has a fifty day simple moving average of $19.44 and a two-hundred day simple moving average of $18.53. 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 (NYSE:PR) last announced 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 for the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 earnings per share. On average, analysts predict that Permian Resources Corporation will post 1.93 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.2%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio is presently 74.42%.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PR. Weiss Ratings downgraded Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday. Wells Fargo & Company set a $26.00 price target on shares of Permian Resources in a report on Monday, May 25th. Morgan Stanley reduced their price target on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Scotiabank lifted their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a report on Wednesday, April 22nd. Finally, Citigroup dropped their target price on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $23.29.

Permian Resources Company 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.