Fearnley Asset Management AS Purchases New Position in Permian Resources Corporation $PR

Fearnley Asset Management AS acquired a new position in Permian Resources Corporation (NYSE:PR) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 511,400 shares of the company’s stock, valued at approximately $7,175,000. Permian Resources comprises 3.3% of Fearnley Asset Management AS’s portfolio, making the stock its 12th largest position.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Virtu Financial LLC bought a new stake in shares of Permian Resources in the 4th quarter worth $389,000. Dean Capital Management lifted its holdings in shares of Permian Resources by 3.2% during the fourth quarter. Dean Capital Management now owns 139,966 shares of the company’s stock valued at $1,964,000 after purchasing an additional 4,320 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Permian Resources by 3.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 9,092,438 shares of the company’s stock valued at $127,567,000 after purchasing an additional 341,674 shares in the last quarter. Invesco Ltd. boosted its position in shares of Permian Resources by 14.4% during the fourth quarter. Invesco Ltd. now owns 6,253,967 shares of the company’s stock valued at $87,743,000 after buying an additional 785,890 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its position in shares of Permian Resources by 19.4% during the fourth quarter. Corient Private Wealth LLC now owns 53,583 shares of the company’s stock valued at $748,000 after buying an additional 8,724 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

PR opened at $18.45 on Friday. The company’s 50 day moving average is $20.07 and its 200 day moving average is $17.89. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market cap of $15.45 billion, a price-to-earnings ratio of 21.46 and a beta of 0.48. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $22.67.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the firm earned $0.44 earnings per share. On average, equities research analysts predict that Permian Resources Corporation will post 2 EPS for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Tuesday, June 16th. Permian Resources’s dividend payout ratio is 74.42%.

Analysts Set New Price Targets

PR has been the subject of several research analyst reports. Weiss Ratings downgraded Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 12th. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a research note on Friday, March 27th. Piper Sandler raised their price target on shares of Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. Wells Fargo & Company set a $26.00 price target on shares of Permian Resources in a research note on Monday, May 25th. Finally, Royal Bank Of Canada boosted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the transaction, the executive vice president directly owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.00% of the stock is owned by company insiders.

Permian Resources Company 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.