Renaissance Technologies LLC Acquires 1,555,884 Shares of Permian Resources Co. (NASDAQ:PR)

Renaissance Technologies LLC increased its position in shares of Permian Resources Co. (NASDAQ:PR - Free Report) by 20.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,108,803 shares of the company's stock after acquiring an additional 1,555,884 shares during the period. Renaissance Technologies LLC owned approximately 1.18% of Permian Resources worth $147,107,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company's stock worth $657,088,000 after buying an additional 19,847,358 shares in the last quarter. OnyxPoint Global Management LP purchased a new position in shares of Permian Resources during the 4th quarter valued at about $114,159,000. Price T Rowe Associates Inc. MD lifted its position in Permian Resources by 480.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company's stock worth $106,924,000 after buying an additional 5,012,287 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock worth $194,585,000 after buying an additional 4,497,184 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Permian Resources in the fourth quarter worth approximately $45,847,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

NASDAQ:PR traded up $0.14 during mid-day trading on Monday, hitting $13.64. 9,117,844 shares of the company traded hands, compared to its average volume of 9,937,708. The stock's fifty day moving average price is $14.75 and its 200-day moving average price is $15.90. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The firm has a market cap of $10.50 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 0.71 and a beta of 4.33.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.23 billion. The company's revenue for the quarter was up 99.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.27 earnings per share. Research analysts anticipate that Permian Resources Co. will post 1.63 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were given a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.76%. Permian Resources's dividend payout ratio is 21.82%.

Insider Activity at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP John Charles Bell sold 4,821 shares of the company's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PR shares. Truist Financial increased their target price on Permian Resources from $21.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, July 30th. UBS Group decreased their target price on shares of Permian Resources from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Friday, August 9th. Bank of America reissued a "buy" rating and set a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. Citigroup decreased their price objective on shares of Permian Resources from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Finally, BMO Capital Markets raised shares of Permian Resources from a "market perform" rating to an "outperform" rating and set a $21.00 price objective for the company in a research note on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.57.

About Permian Resources

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.