Wellington Management Group LLP Grows Stock Holdings in Permian Resources Corporation $PR

Wellington Management Group LLP lifted its holdings in Permian Resources Corporation (NYSE:PR) by 3.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 20,156,113 shares of the company’s stock after buying an additional 763,059 shares during the quarter. Wellington Management Group LLP’s holdings in Permian Resources were worth $371,074,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Public Employees Retirement System of Ohio acquired a new position in shares of Permian Resources during the 2nd quarter valued at $8,984,000. Manning & Napier Advisors LLC purchased a new position in Permian Resources in the second quarter valued at about $1,992,000. Ranger Investment Management L.P. acquired a new position in shares of Permian Resources during the second quarter worth about $15,028,000. Ninepoint Partners LP purchased a new stake in shares of Permian Resources in the second quarter worth about $6,444,000. Finally, Great Lakes Advisors LLC purchased a new stake in shares of Permian Resources in the second quarter worth about $4,741,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PR shares. Citigroup lowered their target price on Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Roth Capital set a $23.00 price target on Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research report on Wednesday, August 19th. Wells Fargo & Company lifted their price objective on shares of Permian Resources from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Finally, Wall Street Zen raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $23.65.

Permian Resources Stock Performance

NYSE PR opened at $22.70 on Monday. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $24.09. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 15.03 and a beta of 0.47. The company’s fifty day moving average price is $20.53 and its two-hundred day moving average price is $19.97.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company’s revenue was up 55.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.28 EPS. As a group, research analysts predict that Permian Resources Corporation will post 2.24 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is 42.38%.

Permian Resources Company Profile

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.