Permian Resources Co. (NYSE:PR) Shares Acquired by Jennison Associates LLC

Jennison Associates LLC boosted its holdings in Permian Resources Co. (NYSE:PR) by 14.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,647,329 shares of the company’s stock after acquiring an additional 966,940 shares during the period. Jennison Associates LLC owned 0.95% of Permian Resources worth $104,080,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PR. Innealta Capital LLC purchased a new stake in shares of Permian Resources in the second quarter valued at $30,000. Hexagon Capital Partners LLC raised its stake in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares during the last quarter. Transcendent Capital Group LLC purchased a new position in Permian Resources in the 1st quarter valued at about $36,000. Gilliland Jeter Wealth Management LLC acquired a new stake in shares of Permian Resources during the 2nd quarter worth about $40,000. Finally, UMB Bank n.a. lifted its stake in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value 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 $1,075,911.41. This represents a 5.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. This represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PR shares. UBS Group cut their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Truist Financial upped their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Susquehanna cut their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Finally, Mizuho decreased their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Price Performance

PR stock opened at $15.45 on Thursday. The firm has a market cap of $12.41 billion, a P/E ratio of 9.36, a price-to-earnings-growth ratio of 0.91 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 1 year low of $12.34 and a 1 year high of $18.28. The stock has a 50-day simple moving average of $14.17 and a 200-day simple moving average of $14.97.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 3.88%. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

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.