Goehring & Rozencwajg Associates LLC Purchases New Stake in Permian Resources Corporation $PR

Goehring & Rozencwajg Associates LLC purchased a new stake in shares of Permian Resources Corporation (NYSE:PR) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 449,235 shares of the company’s stock, valued at approximately $6,303,000.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after purchasing an additional 3,941,318 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the last quarter. Boston Partners lifted its holdings in Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares during the last quarter. Finally, Nuveen LLC lifted its holdings in Permian Resources by 12.7% during the fourth quarter. Nuveen LLC now owns 16,386,918 shares of the company’s stock valued at $229,908,000 after purchasing an additional 1,850,071 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn sold 512,429 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total value of $10,038,484.11. Following the sale, the director directly owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. This represents a 6.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the sale, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 588,198 shares of company stock valued at $11,576,280. 5.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on PR shares. The Goldman Sachs Group upped their price objective on shares of Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Citigroup upped their price objective on shares of Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, March 31st. TD Cowen upped their price objective on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Weiss Ratings downgraded shares of Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 12th. Finally, Zacks Research downgraded shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Three equities 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.69.

Permian Resources Trading Up 1.1%

Shares of Permian Resources stock opened at $19.48 on Friday. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $22.67. The company has a market cap of $16.31 billion, a price-to-earnings ratio of 22.65 and a beta of 0.48. 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’s 50-day moving average price is $20.32 and its 200-day moving average price is $17.74.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the firm posted $0.44 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities analysts expect that Permian Resources Corporation will post 2.01 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s dividend payout ratio is presently 74.42%.

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.