Jennison Associates LLC Has $131.71 Million Stock Position in Permian Resources Co. (NYSE:PR)

Jennison Associates LLC boosted its holdings in Permian Resources Co. (NYSE:PR) by 19.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,159,252 shares of the company’s stock after buying an additional 1,511,923 shares during the quarter. Jennison Associates LLC’s holdings in Permian Resources were worth $131,710,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Sunbelt Securities Inc. increased its holdings in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after purchasing an additional 800 shares in the last quarter. Blue Trust Inc. boosted its position in Permian Resources by 28.6% during the 4th quarter. Blue Trust Inc. now owns 4,226 shares of the company’s stock worth $58,000 after buying an additional 939 shares during the period. Avior Wealth Management LLC lifted its holdings in shares of Permian Resources by 0.9% during the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock worth $1,560,000 after purchasing an additional 1,007 shares during the period. Icon Wealth Advisors LLC increased its holdings in Permian Resources by 1.0% in the third quarter. Icon Wealth Advisors LLC now owns 130,880 shares of the company’s stock valued at $1,781,000 after purchasing an additional 1,349 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. raised its position in Permian Resources by 0.7% during the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 184,475 shares of the company’s stock worth $2,511,000 after purchasing an additional 1,370 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

Shares of PR opened at $14.62 on Monday. The stock has a 50 day moving average price of $14.91 and a two-hundred day moving average price of $14.55. Permian Resources Co. has a 52 week low of $12.59 and a 52 week high of $18.28. The firm has a market capitalization of $11.75 billion, a P/E ratio of 8.86, a P/E/G ratio of 4.06 and a beta of 4.28. 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 (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the firm earned $0.36 EPS. The business’s revenue for the quarter was up 60.3% compared to the same quarter last year. Equities analysts forecast that Permian Resources Co. will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 4.10%. Permian Resources’s dividend payout ratio is currently 36.36%.

Wall Street Analyst Weigh In

Several analysts recently commented on PR shares. Benchmark reduced their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Morgan Stanley assumed coverage on Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. Piper Sandler raised their target price on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and an average price target of $19.13.

Insider Activity

In other news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.80% of the company’s stock.

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.