Permian Resources Corporation $PR Shares Purchased by Tidal Investments LLC

Tidal Investments LLC raised its stake in shares of Permian Resources Corporation (NYSE:PR) by 60.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 385,843 shares of the company’s stock after acquiring an additional 144,704 shares during the quarter. Tidal Investments LLC’s holdings in Permian Resources were worth $7,103,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake in shares of Permian Resources by 16.7% in the 4th 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 in the last quarter. Bank of New York Mellon Corp grew its stake in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. State Street Corp grew its stake in Permian Resources by 2.0% in the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares in the last quarter. Wellington Management Group LLP increased its holdings in Permian Resources by 3.9% in the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after buying an additional 763,059 shares during the last quarter. Finally, Boston Partners increased its holdings in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after buying an additional 7,503,654 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on PR. Citigroup cut their price objective on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Raymond James Financial reiterated a “strong-buy” rating and issued a $29.00 price target on shares of Permian Resources in a report on Thursday, August 27th. Truist Financial upped their price target on Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Seaport Research Partners began coverage on Permian Resources in a research note on Thursday, September 3rd. They set a “buy” rating and a $29.00 price objective on the stock. Finally, Wall Street Zen raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 8th. Six research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $24.00.

Insider Buying and Selling

In related news, EVP Guy Oliphint sold 5,103 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the completion of the transaction, the executive vice president directly owned 537,400 shares in the company, valued at $12,763,250. This represents a 0.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,699 shares of company stock worth $372,851 in the last three months. 5.00% of the stock is owned by insiders.

Permian Resources Price Performance

PR opened at $23.77 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average price is $21.54 and its 200 day moving average price is $20.40. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $24.20. The firm has a market cap of $19.91 billion, a price-to-earnings ratio of 15.75 and a beta of 0.49.

Permian Resources (NYSE:PR) last issued 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. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.Permian Resources’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 earnings per share. As a group, sell-side analysts expect that Permian Resources Corporation will post 2.27 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a yield of 2.7%. Permian Resources’s payout ratio is currently 42.38%.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.