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Prevail Innovative Wealth Advisors LLC Invests $418,000 in Permian Resources Corporation (NYSE:PR)

Permian Resources logo with Energy background

Prevail Innovative Wealth Advisors LLC acquired a new position in Permian Resources Corporation (NYSE:PR - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 30,169 shares of the company's stock, valued at approximately $418,000.

A number of other hedge funds also recently added to or reduced their stakes in PR. Vanguard Group Inc. grew its stake in Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after purchasing an additional 12,306,854 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources in the fourth quarter valued at about $431,676,000. Massachusetts Financial Services Co. MA grew its stake in Permian Resources by 1.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after purchasing an additional 291,444 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Permian Resources by 55.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after purchasing an additional 4,236,141 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Permian Resources stock traded down $0.10 during trading hours on Friday, hitting $13.45. 12,601,111 shares of the stock traded hands, compared to its average volume of 9,804,095. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.86 and a quick ratio of 0.86. The firm's 50 day moving average price is $13.72 and its 200-day moving average price is $13.60. The stock has a market capitalization of $10.81 billion, a price-to-earnings ratio of 8.30 and a beta of 1.25. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). The company had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The business's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 EPS. As a group, equities analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.46%. Permian Resources's payout ratio is currently 37.04%.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of research analyst reports. Raymond James Financial reiterated a "strong-buy" rating and issued a $23.00 price target (up from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. Morgan Stanley decreased their price target on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Wells Fargo & Company decreased their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Susquehanna decreased their price target on Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Finally, TD Cowen upgraded Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a sell rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $18.40.

Read Our Latest Analysis on Permian Resources

Permian Resources Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Permian Resources (NYSE:PR)

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