HITE Hedge Asset Management LLC Takes Position in Permian Resources Corporation $PR

HITE Hedge Asset Management LLC purchased a new stake in shares of Permian Resources Corporation (NYSE:PR) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 551,295 shares of the company’s stock, valued at approximately $7,057,000. HITE Hedge Asset Management LLC owned 0.07% of Permian Resources at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PR. Invesco Ltd. boosted its position in Permian Resources by 1.0% during the 3rd quarter. Invesco Ltd. now owns 5,468,077 shares of the company’s stock valued at $69,991,000 after acquiring an additional 51,770 shares in the last quarter. BOKF NA grew its holdings in shares of Permian Resources by 11.3% during the 3rd quarter. BOKF NA now owns 379,807 shares of the company’s stock worth $4,862,000 after acquiring an additional 38,625 shares during the period. SevenBridge Financial Group LLC raised its position in shares of Permian Resources by 18.0% in the 3rd quarter. SevenBridge Financial Group LLC now owns 263,938 shares of the company’s stock worth $3,513,000 after acquiring an additional 40,214 shares in the last quarter. UBS Group AG lifted its stake in shares of Permian Resources by 39.3% in the 3rd quarter. UBS Group AG now owns 4,701,640 shares of the company’s stock valued at $60,181,000 after purchasing an additional 1,327,457 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of Permian Resources by 79.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 172,258 shares of the company’s stock valued at $2,205,000 after purchasing an additional 76,344 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Down 1.4%

Shares of NYSE:PR opened at $19.09 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $16.39 and a two-hundred day simple moving average of $14.54. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $19.64. The stock has a market capitalization of $15.83 billion, a price-to-earnings ratio of 15.27 and a beta of 0.66.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the firm posted $0.36 earnings per share. The company’s quarterly revenue was down 9.8% on a year-over-year basis. On average, research analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio (DPR) is presently 48.00%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PR shares. Piper Sandler upped their price target on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday. Bank of America reissued a “neutral” rating and set a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. The Goldman Sachs Group boosted their target price on shares of Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company upped their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 27th. Finally, Susquehanna decreased their price target on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research note on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.42.

Insider Activity at Permian Resources

In other news, CEO James H. Walter sold 673,425 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $12,377,551.50. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares in the company, valued at $172,577,263.90. The trade was a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William J. Quinn sold 800,000 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $19.15, for a total value of $15,320,000.00. Following the sale, the director directly owned 7,426,839 shares in the company, valued at $142,223,966.85. This trade represents a 9.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 4,765,093 shares of company stock worth $77,807,101 in the last ninety days. 6.44% of the stock is currently owned by company insiders.

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.