Massachusetts Financial Services Co. MA Acquires 1,471,833 Shares of Permian Resources Co. (NASDAQ:PR)

Massachusetts Financial Services Co. MA increased its position in shares of Permian Resources Co. (NASDAQ:PR - Free Report) by 9.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,607,623 shares of the company's stock after buying an additional 1,471,833 shares during the period. Massachusetts Financial Services Co. MA owned 2.16% of Permian Resources worth $268,213,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Truist Financial Corp increased its position in Permian Resources by 9.4% in the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company's stock valued at $172,000 after buying an additional 1,086 shares in the last quarter. Private Advisor Group LLC acquired a new position in shares of Permian Resources during the fourth quarter worth approximately $394,000. Principal Financial Group Inc. lifted its holdings in shares of Permian Resources by 47.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company's stock worth $23,466,000 after purchasing an additional 554,694 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Permian Resources in the 4th quarter valued at $472,000. Finally, Vanguard Personalized Indexing Management LLC grew its position in Permian Resources by 159.7% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 27,475 shares of the company's stock valued at $374,000 after purchasing an additional 16,896 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Activity

In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources 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 $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 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 value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources 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 transaction, the executive vice president now owns 77,237 shares of the company's stock, valued at $1,075,911.41. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Mizuho dropped their price objective on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research note on Monday. JPMorgan Chase & Co. cut their price target on Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a research note on Thursday, September 12th. Bank of America reissued a "buy" rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Wolfe Research began coverage on Permian Resources in a research report on Thursday, July 18th. They set a "peer perform" rating on the stock. Finally, Susquehanna lowered their price target on Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Wednesday, September 4th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.50.

Permian Resources Stock Performance

NASDAQ PR traded down $0.02 on Wednesday, hitting $13.86. 9,600,330 shares of the stock traded hands, compared to its average volume of 9,938,252. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The business's fifty day moving average is $14.66 and its two-hundred day moving average is $15.87. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The firm has a market capitalization of $10.67 billion, a price-to-earnings ratio of 12.60, a PEG 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 for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter last year, the firm posted $0.27 EPS. The firm's revenue for the quarter was up 99.9% on a year-over-year basis. As a group, equities analysts anticipate that Permian Resources Co. will post 1.63 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders 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 annualized dividend and a yield of 1.73%. Permian Resources's payout ratio is 21.82%.

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.