Great Lakes Advisors LLC Invests $4.74 Million in Permian Resources Corporation $PR

Great Lakes Advisors LLC bought a new position in Permian Resources Corporation (NYSE:PR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 257,505 shares of the company’s stock, valued at approximately $4,741,000.

Several other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after acquiring an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after buying an additional 852,347 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after buying an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after acquiring an additional 3,224 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Permian Resources by 21.3% in the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after acquiring an additional 16,443 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 2.8%

Shares of NYSE PR opened at $22.98 on Thursday. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $23.17. The firm has a 50-day simple moving average of $19.90 and a two-hundred day simple moving average of $19.64. The company has a market cap of $19.25 billion, a P/E ratio of 15.22 and a beta of 0.48. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the firm posted $0.28 earnings per share. The company’s quarterly revenue was up 55.1% on a year-over-year basis. Research analysts anticipate that Permian Resources Corporation will post 2.15 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is 42.38%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Scotiabank lifted their price target on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Evercore assumed coverage on Permian Resources in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective for the company. Roth Capital set a $23.00 target price on Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Wells Fargo & Company boosted their target price on Permian Resources from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Finally, Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a report on Wednesday. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Permian Resources currently has a consensus rating of “Buy” and an average price target of $23.47.

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.