Massachusetts Financial Services Co. MA Acquires 1,543,854 Shares of Permian Resources Co. (NYSE:PR)

Massachusetts Financial Services Co. MA grew its stake in Permian Resources Co. (NYSE:PR) by 9.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,151,477 shares of the company’s stock after acquiring an additional 1,543,854 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Permian Resources were worth $247,042,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PR. King Luther Capital Management Corp grew its stake in shares of Permian Resources by 8.3% in the third quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock valued at $71,241,000 after buying an additional 402,515 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in Permian Resources in the third quarter valued at $695,000. Advisors Asset Management Inc. grew its position in shares of Permian Resources by 38.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 122,463 shares of the company’s stock valued at $1,667,000 after acquiring an additional 33,992 shares during the period. SCP Investment LP increased its stake in shares of Permian Resources by 6.7% during the 3rd quarter. SCP Investment LP now owns 28,600 shares of the company’s stock worth $389,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Permian Resources by 14.5% in the 3rd quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock valued at $104,080,000 after purchasing an additional 966,940 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PR. Piper Sandler lifted their price target on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Mizuho decreased their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Truist Financial raised their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Wells Fargo & Company decreased their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Finally, Royal Bank of Canada restated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Up 1.4 %

NYSE PR opened at $16.21 on Friday. The company has a market cap of $13.02 billion, a price-to-earnings ratio of 9.82, a PEG ratio of 0.96 and a beta of 4.34. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average of $14.28 and a 200-day moving average of $14.97.

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

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s payout ratio is currently 36.36%.

Insiders Place Their Bets

In related news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction 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 approximately $1,075,911.41. The trade was a 5.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

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.