Empowered Funds LLC Boosts Stake in Permian Resources Corporation $PR

Empowered Funds LLC increased its stake in Permian Resources Corporation (NYSE:PR) by 122.9% during the first quarter, Holdings Channel.com reports. The firm owned 702,014 shares of the company’s stock after purchasing an additional 387,089 shares during the quarter. Empowered Funds LLC’s holdings in Permian Resources were worth $14,967,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of PR. Bank of New York Mellon Corp grew 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 period. Boston Partners raised its stake in shares of Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares during the period. Millennium Management LLC raised its stake in shares of Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after buying an additional 6,678,814 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of Permian Resources during the 1st quarter valued at about $121,041,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after buying an additional 4,533,732 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

NYSE:PR opened at $20.75 on Thursday. The stock has a 50-day moving average price of $19.47 and a 200 day moving average price of $18.95. The stock has a market capitalization of $17.38 billion, a P/E ratio of 24.13 and a beta of 0.46. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $22.67. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the firm earned $0.44 EPS. The firm’s revenue was up .9% compared to the same quarter last year. Equities research analysts forecast that Permian Resources Corporation will post 1.94 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. Permian Resources’s dividend payout ratio is currently 74.42%.

Wall Street Analysts Forecast Growth

PR has been the subject of several analyst reports. Roth Capital set a $23.00 target price on shares of Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Mizuho lifted their price target on shares of Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Wells Fargo & Company set a $26.00 price objective on shares of Permian Resources in a research note on Monday, May 25th. Weiss Ratings downgraded shares of Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 15th. Finally, Evercore initiated coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price objective on the stock. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $23.29.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.00% of the company’s stock.

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.