HITE Hedge Asset Management LLC Takes Position in Permian Resources Corporation $PR

HITE Hedge Asset Management LLC acquired a new stake in shares of Permian Resources Corporation (NYSE:PR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 551,295 shares of the company’s stock, valued at approximately $7,057,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Boston Partners bought a new stake in Permian Resources in the 2nd quarter worth approximately $134,119,000. Vanguard Group Inc. lifted its holdings in shares of Permian Resources by 10.4% during the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after buying an additional 6,705,644 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after buying an additional 4,691,280 shares during the period. Holocene Advisors LP purchased a new position in shares of Permian Resources in the 2nd quarter worth $42,606,000. Finally, Grantham Mayo Van Otterloo & Co. LLC grew its holdings 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 acquiring an additional 2,628,744 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PR. Wells Fargo & Company upped their price objective on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, January 27th. Morgan Stanley dropped their target price on Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Mizuho upped their price target on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. UBS Group increased their price objective on shares of Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Finally, TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a report on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.42.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 158,385 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the sale, the executive vice president owned 1,567,172 shares in the company, valued at approximately $28,820,293.08. This represents a 9.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO James H. Walter sold 673,425 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares in the company, valued at $172,577,263.90. The trade was a 6.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 4,765,093 shares of company stock valued at $77,807,101. Company insiders own 6.44% of the company’s stock.

Permian Resources Stock Performance

NYSE:PR opened at $19.09 on Friday. The stock has a 50-day simple moving average of $16.39 and a two-hundred day simple moving average of $14.54. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $19.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $15.83 billion, a PE ratio of 15.27 and a beta of 0.66.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. Analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.16 dividend. The ex-dividend date is Tuesday, March 17th. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. Permian Resources’s dividend payout ratio (DPR) is currently 48.00%.

About Permian Resources

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.