Westfield Capital Management Co. LP grew its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 3.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,119,622 shares of the company's stock after purchasing an additional 167,986 shares during the period. Westfield Capital Management Co. LP owned approximately 0.64% of Permian Resources worth $69,678,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its stake in Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company's stock worth $247,042,000 after buying an additional 1,543,854 shares in the last quarter. Bank of New York Mellon Corp lifted 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 acquiring an additional 4,497,184 shares during the period. Renaissance Technologies LLC increased its position in shares of Permian Resources by 20.6% during the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock valued at $147,107,000 after buying an additional 1,555,884 shares during the period. Jennison Associates LLC lifted its stake 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. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Permian Resources by 480.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company's stock valued at $106,924,000 after purchasing an additional 5,012,287 shares in the last quarter. Institutional investors own 91.84% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 1st. Royal Bank of Canada reissued an "outperform" rating and issued a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Mizuho reduced their price objective on Permian Resources from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Monday, September 16th. The Goldman Sachs Group initiated coverage on Permian Resources in a report on Monday, September 30th. They issued a "buy" rating and a $19.00 target price on the stock. Finally, Benchmark reduced their price target on Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. Two equities research 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, Permian Resources has a consensus rating of "Moderate Buy" and a consensus target price of $18.93.
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Insider Buying and Selling at Permian Resources
In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares of the company's stock, valued at $1,075,911.41. This trade represents a 5.88 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 trade was a 7.28 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.
Permian Resources Stock Performance
Shares of NYSE PR traded up $0.22 during trading on Friday, hitting $16.21. The company had a trading volume of 11,552,035 shares, compared to its average volume of 9,466,653. The stock has a 50 day simple moving average of $14.28 and a 200 day simple moving average of $14.93. The firm has a market capitalization of $13.02 billion, a P/E ratio of 9.82, a price-to-earnings-growth ratio of 0.96 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28.
Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company's revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share. As a group, analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current year.
Permian Resources Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend was Thursday, November 14th. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio is presently 36.36%.
Permian Resources Company Profile
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Free Report)
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.
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