Permian Resources prices public offering of 46.1 million shares

MIDLAND, Texas - Permian Resources Corporation (NYSE:PR), a $10.9 billion market cap energy company trading at an attractive P/E ratio of 8.95, announced Monday the pricing of an underwritten public offering of 46,112,899 shares of its Class A common stock at $13.53 per share. The shares are being offered by certain affiliates of Pearl Energy Investments and Riverstone Investment Group LLC. According to InvestingPro analysis, the company’s stock is currently trading near its Fair Value.

The company will not sell any shares in the offering and will not receive any proceeds from the transaction. The offering is expected to close on September 16, 2025, subject to customary closing conditions. The company has demonstrated strong financial performance, with revenue growth of 16.37% and maintains a healthy dividend yield of 4.38%.

Concurrent with the offering’s closing, Permian Resources has agreed to purchase 2,000,000 common units representing limited liability company interests in Permian Resources Operating, LLC from certain of the selling stockholders. This purchase will be made at the same price per unit as the public offering price, and the company will cancel a corresponding number of shares of its Class C common stock held by these stockholders.

Morgan Stanley, Citigroup and Goldman Sachs & Co. LLC are serving as the underwriters for the offering, which is being conducted pursuant to a registration statement that became automatically effective upon filing with the SEC on November 8, 2023.

Permian Resources is an independent oil and natural gas company headquartered in Midland, Texas, focused on the acquisition, optimization and development of properties in the Permian Basin, with a concentration in the Delaware Basin.

The information in this article is based on a press release statement from Permian Resources Corporation.

In other recent news, Permian Resources Corporation has announced the commencement of an underwritten public offering of 46.1 million shares of its Class A common stock by affiliates of Pearl Energy Investments and Riverstone Investment Group LLC. The company stated it will not sell any shares or receive proceeds from this transaction. Additionally, Permian Resources has registered shares for a potential exchange of its 3.25% exchangeable senior notes due in 2028. This registration is supported by a base prospectus and a prospectus supplement filed with the SEC.

In analyst coverage, Raymond James lowered its price target for Permian Resources to $22 from $23, maintaining a Strong Buy rating, citing a weaker commodity price environment despite production exceeding estimates. Meanwhile, William Blair initiated coverage with an Outperform rating, praising the company’s attractive assets and efficient operations. Wells Fargo increased its price target to $21, maintaining an Overweight rating, noting the company’s performance met high expectations. These developments reflect ongoing interest and varied perspectives on Permian Resources’ financial and operational outlook.

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