Permian Resources Co. (NYSE:PR) Position Boosted by Jennison Associates LLC

Jennison Associates LLC raised its holdings in Permian Resources Co. (NYSE:PR) by 14.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,647,329 shares of the company’s stock after acquiring an additional 966,940 shares during the quarter. Jennison Associates LLC’s holdings in Permian Resources were worth $104,080,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Simplicity Wealth LLC grew its stake in Permian Resources by 5.2% during the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock worth $212,000 after buying an additional 646 shares during the last quarter. GAMMA Investing LLC increased its stake in Permian Resources by 19.6% in the 2nd quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock valued at $70,000 after buying an additional 716 shares during the last quarter. Mount Yale Investment Advisors LLC increased its position in shares of Permian Resources by 3.1% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after purchasing an additional 781 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Permian Resources by 0.5% in the 2nd quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock valued at $3,379,000 after acquiring an additional 949 shares during the period. Finally, Avior Wealth Management LLC boosted its position in Permian Resources by 0.9% during the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock worth $1,560,000 after purchasing an additional 1,007 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PR. Citigroup decreased their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. The Goldman Sachs Group assumed coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. UBS Group cut their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Finally, Susquehanna decreased their target price on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Performance

Shares of PR stock opened at $15.45 on Thursday. The company’s fifty day moving average price is $14.17 and its 200-day moving average price is $14.97. The stock has a market cap of $12.41 billion, a PE ratio of 9.36, a price-to-earnings-growth ratio of 0.91 and a beta of 4.34. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company’s revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 earnings per share. On average, equities analysts expect that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be given a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Thursday, November 14th. Permian Resources’s payout ratio is presently 36.36%.

Insider Activity

In other news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.