Artisan Partners Limited Partnership Trims Stake in Permian Resources Corporation $PR

Artisan Partners Limited Partnership lessened its holdings in Permian Resources Corporation (NYSE:PR) by 5.4% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,524,777 shares of the company’s stock after selling 200,155 shares during the period. Artisan Partners Limited Partnership owned 0.44% of Permian Resources worth $45,117,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PR. AQR Capital Management LLC raised its holdings in shares of Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after acquiring an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after purchasing 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% during the first 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 purchasing an additional 87,105 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in Permian Resources by 2.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 66,512 shares of the company’s stock worth $906,000 after buying an additional 1,616 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in Permian Resources by 1,113.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 54,015 shares of the company’s stock worth $736,000 after buying an additional 49,562 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

PR has been the subject of a number of research analyst reports. Susquehanna dropped their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a report on Monday, January 26th. Zacks Research raised Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. UBS Group raised their price objective on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, December 12th. Mizuho boosted their target price on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Finally, Bank of America reiterated a “neutral” rating and set a $16.00 price target (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.64.

Insider Activity at Permian Resources

In other news, EVP John Charles Bell sold 106,399 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 $1,450,218.37. Following the completion of the sale, the executive vice president directly owned 376,442 shares in the company, valued at approximately $5,130,904.46. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James H. Walter sold 467,700 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,374,751.00. Following the completion of the sale, the chief executive officer directly owned 1,010,138 shares in the company, valued at $13,768,180.94. The trade was a 31.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 2,210,456 shares of company stock worth $30,231,728 over the last ninety days. Insiders own 6.44% of the company’s stock.

Permian Resources Trading Up 0.9%

NYSE PR opened at $18.28 on Friday. The firm has a market cap of $15.16 billion, a PE ratio of 14.62 and a beta of 0.77. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $18.58. The stock has a 50-day moving average of $15.52 and a 200-day moving average of $14.20. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.97% and a net margin of 18.46%.The business 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 firm earned $0.36 EPS. The business’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 EPS for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio (DPR) is currently 48.00%.

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.