Westfield Capital Management Co. LP Boosts Stake in Permian Resources Corporation $PR

Westfield Capital Management Co. LP raised its position in shares of Permian Resources Corporation (NYSE:PR) by 77.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,951,186 shares of the company’s stock after acquiring an additional 2,593,470 shares during the period. Westfield Capital Management Co. LP’s holdings in Permian Resources were worth $83,495,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PR. Grantham Mayo Van Otterloo & Co. LLC boosted its position in shares of Permian Resources by 24.7% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company’s stock worth $169,774,000 after buying an additional 2,628,744 shares during the period. SCP Investment LP boosted its position in shares of Permian Resources by 225.0% in the third quarter. SCP Investment LP now owns 93,600 shares of the company’s stock worth $1,198,000 after buying an additional 64,800 shares during the period. Fox Run Management L.L.C. purchased a new stake in shares of Permian Resources in the third quarter worth about $711,000. Horizon Investments LLC boosted its position in shares of Permian Resources by 80.8% in the fourth quarter. Horizon Investments LLC now owns 420,448 shares of the company’s stock worth $5,899,000 after buying an additional 187,903 shares during the period. Finally, UBS Group AG boosted its position in shares of Permian Resources by 39.5% in the fourth quarter. UBS Group AG now owns 6,560,632 shares of the company’s stock worth $92,046,000 after buying an additional 1,858,992 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Down 0.2%

Shares of PR opened at $20.15 on Friday. The company has a market capitalization of $16.87 billion, a P/E ratio of 23.43 and a beta of 0.48. 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 50-day moving average price of $20.54 and a 200 day moving average price of $17.53.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 10.53% and a net margin of 12.79%.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 business posted $0.44 earnings per share. Sell-side analysts forecast that Permian Resources Corporation will post 2 EPS 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. Investors of record on Tuesday, June 16th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. Permian Resources’s dividend payout ratio is currently 74.42%.

Insiders Place Their Bets

In other Permian Resources news, Director William J. Quinn sold 800,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the sale, the director owned 7,426,839 shares in the company, valued at $142,223,966.85. This represents a 9.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Aron Marquez sold 7,750 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total value of $152,055.00. Following the transaction, the director directly owned 72,218 shares in the company, valued at approximately $1,416,917.16. This represents a 9.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 1,438,198 shares of company stock worth $27,865,280. Company insiders own 5.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PR shares. Mizuho upped their target price on Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Royal Bank Of Canada upped their target price on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, March 2nd. Benchmark downgraded Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Piper Sandler upped their target price on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Finally, Citigroup upped their target price on Permian Resources from $21.00 to $26.00 and gave the stock a “buy” rating in a research report on Tuesday, March 31st. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $22.69.

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.