BlackRock Fund Advisors recently announced the acquisition of new stake in Permian Resources Corp (NYSE:PR). The institutional investor has increased its shareholding in the Energy company by 65.98% to 34.59 million shares with purchase of 13.75 million shares. This fresh investment now brings its stake to 6.80% valued currently at $454.54 million. In addition, The Vanguard Group, Inc. raised its holdings by 4.57 million to 32.88 million shares. And SSgA Funds Management, Inc. has lifted its position by 15.02% or 2.41 million shares – to 18.43 million shares.
With over 9.82 million Permian Resources Corp (PR) shares trading Friday and a closing price of $13.60 on the day, the dollar volume was approximately $133.54 million. The shares have shown a positive half year performance of 25.27% and its price on 12/29/23 gained nearly 0.22%. Currently, there are 509.33M common shares owned by the public and among those 403.26M shares have been available to trade.
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Insiders at the company have transacted a total of 42 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 43,820,714 shares. Insider sales of the common stock occurred on 26 occasions, with total insider shares sold totaling 113,411,258 shares.
The top 3 mutual fund holders in Permian Resources Corp are Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Delaware Small Cap Core Fund. Vanguard Total Stock Market ETF owns 11.83 million shares of the company’s stock, all valued at over $155.46 million. The company bought an additional 15484.0 shares recently to bring their total holdings to about 2.32% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 2011.0 shares to see its total holdings expand to 11.33 million shares valued at over $148.93 million and representing 2.23% of the shares outstanding. Delaware Small Cap Core Fund now owns shares totaling to 2.00% of the shares outstanding.
Shares of Permian Resources Corp (NYSE: PR) opened at $13.55, down -$0.02 from a prior closing price of $13.57. However, the script later moved the day high at 13.72, up 0.22%. The company’s stock has a 5-day price change of 0.97% and -2.05% over the past three months. PR shares are trading 46.83% year to date (YTD), with the 12-month market performance up to 54.56% higher. It has a 12-month low price of $8.31 and touched a high of $15.41 over the same period. PR has an average intraday trading volume of 9.35 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.98%, -0.11%, and 14.02% respectively.
Institutional ownership of Permian Resources Corp (NYSE: PR) shares accounts for 63.38% of the company’s 509.33M shares outstanding. Mutual fund holders own 42.79%, while other institutional holders and individual stakeholders account for 7.34% and 36.42% respectively.
It has a market capitalization of $6.93B and a beta (3y monthly) value of 4.26. The stock’s trailing 12-month PE ratio is 15.10, while the earnings-per-share (ttm) stands at $0.90. The company has a PEG of 1.37 and a Quick Ratio of 0.74 with the debt-to-equity ratio at 0.63. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.19% over the week and 2.87% over the month.
Analysts forecast that Permian Resources Corp (PR) will achieve an EPS of $0.38 for the current quarter, $0.43 for the next quarter and $1.74 for 2024. The lowest estimate earnings-per-share for the quarter is $0.25 while analysts give the company a high EPS estimate of $0.51. Comparatively, EPS for the current quarter was $0.26 a year ago. Earnings per share for the fiscal year are expected to decrease by -28.25%, and 49.02% over the next financial year. EPS should shrink at an annualized rate of 11.00% over the next five years, compared to 38.19% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Permian Resources Corp (PR) as a “Strong Buy” at a consensus score of 1.37. Specifically, 15 Wall Street analysts polled rate the stock as a buy, while 3 of the 19 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PR, a number of firms have released research notes about the stock. Wells Fargo stated their Overweight rating for the stock in a research note on November 15, 2023, with the firm’s price target at $17.
