Permian Resources Co. (NASDAQ:PR) Stake Lifted by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its stake in Permian Resources Co. (NASDAQ:PR) by 20.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,108,803 shares of the company’s stock after buying an additional 1,555,884 shares during the period. Renaissance Technologies LLC owned 1.18% of Permian Resources worth $147,107,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Truist Financial Corp raised its stake in shares of Permian Resources by 9.4% in the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after buying an additional 1,086 shares in the last quarter. Private Advisor Group LLC bought a new stake in shares of Permian Resources in the 4th quarter worth approximately $394,000. Principal Financial Group Inc. boosted its holdings in Permian Resources by 47.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after buying an additional 554,694 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Permian Resources in the fourth quarter worth approximately $472,000. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Permian Resources by 159.7% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 27,475 shares of the company’s stock valued at $374,000 after buying an additional 16,896 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

PR has been the topic of a number of recent research reports. Truist Financial lifted their target price on Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Bank of America reaffirmed a “buy” rating and set a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Citigroup dropped their target price on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Piper Sandler reduced their price target on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Finally, UBS Group decreased their price objective on Permian Resources from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.71.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $13.49 on Monday. The stock has a market capitalization of $10.39 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 0.71 and a beta of 4.33. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The firm’s 50-day moving average price is $14.75 and its two-hundred day moving average price is $15.90. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. Permian Resources’s revenue was up 99.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.27 EPS. On average, equities analysts predict that Permian Resources Co. will post 1.63 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.78%. Permian Resources’s payout ratio is 21.82%.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

About Permian Resources

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.