Massachusetts Financial Services Co. MA Has $268.21 Million Stock Position in Permian Resources Co. (NASDAQ:PR)

Massachusetts Financial Services Co. MA boosted its stake in shares of Permian Resources Co. (NASDAQ:PR) by 9.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,607,623 shares of the company’s stock after purchasing an additional 1,471,833 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.16% of Permian Resources worth $268,213,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Inspire Advisors LLC acquired a new position in Permian Resources in the 2nd quarter valued at approximately $620,000. CoreCap Advisors LLC acquired a new position in shares of Permian Resources in the second quarter valued at $477,000. Hardin Capital Partners LLC bought a new position in Permian Resources in the second quarter worth $227,000. Federated Hermes Inc. boosted its stake in Permian Resources by 16.5% during the second quarter. Federated Hermes Inc. now owns 105,338 shares of the company’s stock worth $1,701,000 after buying an additional 14,947 shares in the last quarter. Finally, NINE MASTS CAPITAL Ltd bought a new stake in Permian Resources in the 2nd quarter valued at $308,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

PR opened at $13.88 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market capitalization of $10.69 billion, a P/E ratio of 12.62, a price-to-earnings-growth ratio of 0.71 and a beta of 4.33. The company’s 50 day simple moving average is $14.66 and its 200-day simple moving average is $15.87. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same period last year, the company earned $0.27 EPS. Sell-side analysts anticipate that Permian Resources Co. will post 1.63 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s dividend payout ratio is 21.82%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PR shares. Citigroup reduced their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Benchmark reaffirmed a “buy” rating and set a $17.00 price objective on shares of Permian Resources in a report on Wednesday, August 7th. Bank of America reissued a “buy” rating and issued a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Permian Resources in a research note on Monday, August 12th. Finally, Susquehanna dropped their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $19.57.

Insider Buying and Selling

In other news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

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.