Harbor Capital Advisors Inc. Purchases New Stake in Permian Resources Corporation $PR

Harbor Capital Advisors Inc. purchased a new stake in shares of Permian Resources Corporation (NYSE:PR) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 47,176 shares of the company’s stock, valued at approximately $662,000.

Several other institutional investors have also recently bought and sold shares of PR. AQR Capital Management LLC increased its position in shares of Permian Resources by 69.2% during the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after acquiring an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after acquiring an additional 852,347 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Permian Resources by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after acquiring an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in Permian Resources by 13.9% during the 2nd quarter. First Trust Advisors LP now owns 2,854,877 shares of the company’s stock valued at $38,883,000 after purchasing an additional 348,458 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Activity

In other news, CEO William M. Hickey III sold 898,423 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. This represents a 8.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 158,385 shares of Permian Resources stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the sale, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 4,451,199 shares of company stock worth $76,844,698. 6.44% of the stock is owned by company insiders.

Permian Resources Stock Performance

Shares of PR opened at $21.19 on Monday. The stock has a 50 day moving average of $18.40 and a 200 day moving average of $15.29. The company has a market capitalization of $17.72 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 3.15 and a beta of 0.56. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $21.99. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. 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 previous year, the company earned $0.36 earnings per share. The company’s quarterly revenue was down 9.8% on a year-over-year basis. As a group, sell-side analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were paid a $0.16 dividend. The ex-dividend date was Tuesday, March 17th. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. Permian Resources’s dividend payout ratio is presently 51.20%.

Wall Street Analyst Weigh In

PR has been the subject of several analyst reports. Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 6th. Morgan Stanley decreased their price target on Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Scotiabank raised Permian Resources to a “strong-buy” rating in a research report on Friday, March 27th. Mizuho lifted their price objective on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, Benchmark lowered shares of Permian Resources from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Four research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $21.43.

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.