Massachusetts Financial Services Co. MA Boosts Holdings in Permian Resources Co. (NYSE:PR)

Massachusetts Financial Services Co. MA grew its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 9.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,151,477 shares of the company's stock after purchasing an additional 1,543,854 shares during the period. Massachusetts Financial Services Co. MA owned about 2.26% of Permian Resources worth $247,042,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Hexagon Capital Partners LLC lifted its stake in Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock worth $27,000 after acquiring an additional 1,998 shares during the period. Innealta Capital LLC bought a new position in Permian Resources in the second quarter worth approximately $30,000. Transcendent Capital Group LLC bought a new stake in Permian Resources during the 1st quarter valued at $36,000. UMB Bank n.a. lifted its stake in shares of Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock worth $38,000 after purchasing an additional 1,390 shares during the last quarter. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in Permian Resources in the second quarter valued at about $40,000. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. The Goldman Sachs Group began coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a "buy" rating and a $19.00 target price for the company. Susquehanna dropped their target price on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 4th. Piper Sandler boosted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Monday, November 18th. JPMorgan Chase & Co. dropped their price target on Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a research note on Thursday, September 12th. Finally, UBS Group cut their price target on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.93.

Permian Resources Trading Up 1.4 %

Shares of PR traded up $0.22 during midday trading on Friday, reaching $16.21. The company had a trading volume of 11,552,035 shares, compared to its average volume of 9,466,653. The firm has a 50 day simple moving average of $14.28 and a 200-day simple moving average of $14.97. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $13.02 billion, a PE ratio of 9.82, a price-to-earnings-growth ratio of 0.96 and a beta of 4.34.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The firm's revenue for the quarter was up 60.3% compared to the same quarter last year. Research analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.70%. This is a boost from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio is presently 36.36%.

Insider Buying and Selling at Permian Resources

In related news, CAO Robert Regan Shannon sold 4,822 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now 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 the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the business'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 value of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, 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. Company 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.