146,900 Permian Resources Corporation $PR Shares Bought by Conestoga Capital Advisors LLC

Conestoga Capital Advisors LLC grew its stake in Permian Resources Corporation (NYSE:PR) by 29.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 638,165 shares of the company’s stock after purchasing an additional 146,900 shares during the period. Conestoga Capital Advisors LLC owned about 0.08% of Permian Resources worth $13,478,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PR. Wellington Management Group LLP increased its stake in shares of Permian Resources by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after purchasing an additional 763,059 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Permian Resources by 63.1% during the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after buying an additional 2,411,292 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Permian Resources during the 1st quarter valued at approximately $121,041,000. First Trust Advisors LP grew its stake in Permian Resources by 66.6% in the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock valued at $118,636,000 after acquiring an additional 2,224,560 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock valued at $100,911,000 after acquiring an additional 85,509 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

Permian Resources stock opened at $22.45 on Thursday. The firm has a market capitalization of $18.81 billion, a PE ratio of 14.87 and a beta of 0.62. Permian Resources Corporation has a 52 week low of $12.06 and a 52 week high of $26.07. The firm’s 50-day simple moving average is $23.42 and its 200 day simple moving average is $20.46. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 4th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.08. The firm had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.78 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm’s revenue for the quarter was up 48.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.08 EPS. On average, equities research analysts predict that Permian Resources Corporation will post 2.46 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Thursday, December 17th. Permian Resources’s dividend payout ratio (DPR) is currently 42.38%.

Key Stories Impacting Permian Resources

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Quarterly results beat expectations: Permian Resources reported adjusted earnings of $0.69 per share versus the $0.61 consensus and revenue of $1.96 billion versus $1.78 billion expected. Revenue rose 48.1% year over year, and EPS increased from $0.08 a year earlier. Company results and guidance
• Positive Sentiment: Production expanded: Total production averaged 457.5 thousand barrels of oil equivalent per day, up 22% quarter over quarter; oil production rose 5%. The company also updated its full-year guidance, though the provided reports do not specify the changes. Production and cash flow report
• Positive Sentiment: Quarterly dividend declared: The board announced a $0.16-per-share cash dividend, equivalent to $0.64 annualized, payable December 31 to shareholders of record December 17. Dividend announcement
• Neutral Sentiment: Large acquisition: Permian Resources acquired Ridge Runner Resources II for $1.2 billion. The deal may expand the business, but its size also raises questions about funding, integration and returns that could temper the reaction to strong earnings. Acquisition report

Insider Transactions at Permian Resources

In related news, EVP John Bell sold 5,492 shares of Permian Resources stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of Permian Resources stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the transaction, the executive vice president owned 537,400 shares of the company’s stock, valued at $12,763,250. This trade represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 15,699 shares of company stock valued at $372,851. Insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on PR shares. Wall Street Zen raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 8th. Mizuho raised shares of Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Weiss Ratings upgraded shares of Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Truist Financial upped their price target on shares of Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Finally, UBS Group lifted their price objective on Permian Resources from $24.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, September 14th. Five analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $26.67.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.