Jennison Associates LLC Increases Stake in Permian Resources Co. (NYSE:PR)

Jennison Associates LLC grew its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 14.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,647,329 shares of the company's stock after buying an additional 966,940 shares during the period. Jennison Associates LLC owned 0.95% of Permian Resources worth $104,080,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Janney Montgomery Scott LLC boosted its position in Permian Resources by 38.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company's stock valued at $393,000 after acquiring an additional 6,126 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Permian Resources by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company's stock worth $949,189,000 after buying an additional 5,432,654 shares during the period. EntryPoint Capital LLC bought a new position in shares of Permian Resources in the 1st quarter worth about $71,000. Advisors Asset Management Inc. lifted its position in Permian Resources by 101.2% during the 1st quarter. Advisors Asset Management Inc. now owns 39,576 shares of the company's stock valued at $699,000 after acquiring an additional 19,909 shares during the period. Finally, Gamco Investors INC. ET AL boosted its stake in Permian Resources by 11.1% during the first quarter. Gamco Investors INC. ET AL now owns 100,000 shares of the company's stock worth $1,766,000 after acquiring an additional 10,000 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Mizuho cut their price target on Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research note on Monday, September 16th. Truist Financial increased their target price on Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Royal Bank of Canada restated an "outperform" rating and set a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. Piper Sandler upped their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Benchmark reduced their price objective on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, October 16th. 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.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.93.

Permian Resources Trading Up 1.2 %

Permian Resources stock opened at $15.65 on Thursday. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28. The company has a market cap of $12.57 billion, a P/E ratio of 9.36, a P/E/G ratio of 0.91 and a beta of 4.34. 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 business has a 50-day simple moving average of $14.17 and a two-hundred day simple moving average of $14.97.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. 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 previous year, the business posted $0.36 earnings per share. The firm's quarterly revenue was up 60.3% compared to the same quarter last year. Analysts predict that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be issued a $0.15 dividend. This is a boost from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date is Thursday, November 14th. Permian Resources's dividend payout ratio (DPR) is currently 36.36%.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 4,821 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 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 $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the firm's stock in a transaction 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 sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

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.