Massachusetts Financial Services Co. MA Buys 1,421,059 Shares of Permian Resources Corporation $PR

Massachusetts Financial Services Co. MA boosted its position in shares of Permian Resources Corporation (NYSE:PR) by 8.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,453,672 shares of the company’s stock after buying an additional 1,421,059 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.31% of Permian Resources worth $236,207,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in shares of Permian Resources by 86.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock worth $326,380,000 after purchasing an additional 11,133,354 shares during the period. Boston Partners purchased a new stake in Permian Resources in the 2nd quarter worth about $134,119,000. Holocene Advisors LP bought a new stake in Permian Resources in the second quarter worth about $42,606,000. American Century Companies Inc. boosted its position in shares of Permian Resources by 20.3% during the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after buying an additional 1,863,632 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its stake in shares of Permian Resources by 62.6% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 3,788,871 shares of the company’s stock valued at $48,498,000 after buying an additional 1,458,315 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PR shares. Bank of America reissued a “neutral” rating and set a $16.00 price target (down from $17.00) on shares of Permian Resources in a research note on Friday. The Goldman Sachs Group increased their target price on Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Mizuho boosted their target price on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. UBS Group upped their price target on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Finally, Royal Bank Of Canada lifted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Thursday, October 9th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.79.

Insider Activity at Permian Resources

In other Permian Resources news, CEO William M. Hickey III sold 467,725 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the completion of the sale, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at approximately $13,768,153.68. This represents a 31.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Regan Shannon sold 106,405 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the sale, the executive vice president owned 360,667 shares in the company, valued at $4,915,891.21. This represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,210,456 shares of company stock valued at $30,231,728 over the last 90 days. Company insiders own 12.80% of the company’s stock.

Permian Resources Trading Up 0.5%

NYSE:PR opened at $14.39 on Tuesday. The firm has a 50-day simple moving average of $14.15 and a 200-day simple moving average of $13.63. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.03. The firm has a market cap of $11.93 billion, a P/E ratio of 13.20 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67.

Permian Resources (NYSE:PR) last issued its quarterly earnings data 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). The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.53 earnings per share. Equities analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s dividend payout ratio is 55.05%.

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.