Lazard Asset Management LLC Grows Stake in Permian Resources Corporation $PR

Lazard Asset Management LLC raised its position in shares of Permian Resources Corporation (NYSE:PR) by 133.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,420 shares of the company’s stock after purchasing an additional 38,015 shares during the period. Lazard Asset Management LLC’s holdings in Permian Resources were worth $1,416,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in PR. Sanctuary Advisors LLC grew its stake in Permian Resources by 35.3% in the first quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock valued at $4,073,000 after purchasing an additional 49,798 shares during the last quarter. Horizon Investments LLC lifted its position in shares of Permian Resources by 80.8% during the fourth quarter. Horizon Investments LLC now owns 420,448 shares of the company’s stock valued at $5,899,000 after buying an additional 187,903 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Permian Resources by 98.0% in the 1st quarter. Sterling Capital Management LLC now owns 168,262 shares of the company’s stock valued at $3,587,000 after buying an additional 83,302 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of Permian Resources by 2.8% in the 4th quarter. Jennison Associates LLC now owns 3,818,742 shares of the company’s stock valued at $53,577,000 after buying an additional 105,396 shares in the last quarter. Finally, HighTower Advisors LLC grew its position in shares of Permian Resources by 55.2% in the 4th quarter. HighTower Advisors LLC now owns 259,403 shares of the company’s stock worth $3,639,000 after buying an additional 92,309 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PR shares. Evercore initiated coverage on Permian Resources in a research report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price target on the stock. Zacks Research cut Permian Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Scotiabank upped their target price on Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 22nd. Finally, Morgan Stanley reduced their target price on Permian Resources from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $23.29.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This represents a 10.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 5.00% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE PR opened at $20.48 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a market capitalization of $17.14 billion, a price-to-earnings ratio of 23.81 and a beta of 0.48. The firm’s 50 day simple moving average is $19.52 and its 200-day simple moving average is $19.13. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.44 earnings per share. Analysts expect that Permian Resources Corporation will post 1.94 EPS for the current year.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.