Boston Partners Invests $134.12 Million in Permian Resources Corporation $PR

Boston Partners acquired a new position in Permian Resources Corporation (NYSE:PR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 9,847,009 shares of the company’s stock, valued at approximately $134,119,000. Boston Partners owned 1.23% 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. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Permian Resources by 154.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after purchasing an additional 1,391 shares during the period. Keystone Global Partners LLC purchased a new position in shares of Permian Resources in the first quarter worth approximately $36,000. FNY Investment Advisers LLC bought a new stake in Permian Resources during the second quarter valued at approximately $36,000. Parkside Financial Bank & Trust grew its position in Permian Resources by 90.8% during the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after buying an additional 1,357 shares during the period. Finally, Brooklyn Investment Group increased its holdings in Permian Resources by 433.9% during the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock valued at $43,000 after buying an additional 2,534 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the transaction, the executive vice president owned 107,569 shares of the company’s stock, valued at $1,528,555.49. This represents a 4.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares of the company’s stock, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their position. The disclosure for this sale is available in the SEC filing. 6.44% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PR. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a research note on Monday. Scotiabank initiated coverage on Permian Resources in a research report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 target price on the stock. Wells Fargo & Company cut their price target on Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, October 17th. Royal Bank Of Canada raised their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. Finally, William Blair initiated coverage on Permian Resources in a research note on Monday, August 25th. They set an “outperform” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.80.

Permian Resources Price Performance

NYSE:PR opened at $14.36 on Thursday. The business’s 50-day simple moving average is $13.00 and its two-hundred day simple moving average is $13.47. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.03. The stock has a market cap of $11.91 billion, a PE ratio of 13.17 and a beta of 1.31. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the business posted $0.53 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Wednesday, December 17th. Permian Resources’s payout ratio is 55.05%.

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.