Empowered Funds LLC Increases Stock Position in Permian Resources Corporation $PR

Empowered Funds LLC increased its position in shares of Permian Resources Corporation (NYSE:PR) by 16.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 829,572 shares of the company’s stock after purchasing an additional 119,105 shares during the quarter. Empowered Funds LLC owned approximately 0.10% of Permian Resources worth $11,299,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PR. Nuveen LLC bought a new position in shares of Permian Resources during the 1st quarter worth approximately $175,525,000. Bank of New York Mellon Corp lifted its holdings in Permian Resources by 86.8% during the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after acquiring an additional 11,133,354 shares during the period. Boston Partners bought a new stake in Permian Resources during the second quarter worth $134,119,000. Alyeska Investment Group L.P. boosted its position in Permian Resources by 300.3% in the first quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company’s stock worth $80,787,000 after purchasing an additional 4,375,930 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Permian Resources by 56.7% in the 1st quarter. Millennium Management LLC now owns 7,578,553 shares of the company’s stock valued at $104,963,000 after purchasing an additional 2,743,272 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

PR opened at $13.84 on Wednesday. The firm has a 50-day moving average price of $12.96 and a 200-day moving average price of $13.41. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 12.69 and a beta of 1.31.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the business posted $0.53 earnings per share. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. Equities analysts expect that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Wednesday, December 17th. Permian Resources’s payout ratio is presently 55.05%.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the transaction, the executive vice president owned 91,805 shares in the company, valued at $1,305,467.10. This trade represents a 4.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the sale, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 12.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PR shares. UBS Group lifted their target price on Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. William Blair assumed coverage on shares of Permian Resources in a report on Monday, August 25th. They set an “outperform” rating for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a research note on Monday. Mizuho reduced their target price on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Finally, The Goldman Sachs Group lifted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.80.

About Permian Resources

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.