Permian Resources Co. (NASDAQ:PR) Shares Bought by Vanguard Personalized Indexing Management LLC

Vanguard Personalized Indexing Management LLC raised its stake in shares of Permian Resources Co. (NASDAQ:PR) by 159.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,475 shares of the company’s stock after purchasing an additional 16,896 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Permian Resources were worth $374,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. DekaBank Deutsche Girozentrale acquired a new stake in shares of Permian Resources during the fourth quarter worth about $33,000. GAMMA Investing LLC purchased a new position in shares of Permian Resources during the 4th quarter valued at about $43,000. Clearstead Advisors LLC acquired a new position in shares of Permian Resources in the 3rd quarter valued at about $45,000. Optimum Investment Advisors purchased a new stake in shares of Permian Resources in the fourth quarter worth about $50,000. Finally, Fifth Third Bancorp grew its holdings in Permian Resources by 1,290.7% during the fourth quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after acquiring an additional 3,872 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PR. JPMorgan Chase & Co. boosted their price target on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Piper Sandler increased their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Benchmark reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Tuesday, April 23rd. Stifel Nicolaus increased their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, Wells Fargo & Company lifted their price target on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.38.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $15.83 on Monday. The stock has a market capitalization of $12.19 billion, a P/E ratio of 11.31 and a beta of 4.32. The business has a 50 day simple moving average of $17.12 and a two-hundred day simple moving average of $14.98. Permian Resources Co. has a 12 month low of $9.11 and a 12 month high of $18.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. As a group, analysts predict that Permian Resources Co. will post 1.81 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st will be given a dividend of $0.06 per share. The ex-dividend date is Monday, May 20th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.52%. Permian Resources’s payout ratio is presently 21.82%.

Insider Activity at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the sale, the director now owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the transaction, the director now owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now directly owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,641,849 shares of company stock valued at $512,849,598. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.