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

Prevail Innovative Wealth Advisors LLC bought a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 30,169 shares of the company's stock, valued at approximately $418,000.

Several other hedge funds have also added to or reduced their stakes in the business. TimesSquare Capital Management LLC boosted its position in Permian Resources by 0.7% during the 1st quarter. TimesSquare Capital Management LLC now owns 3,756,031 shares of the company's stock worth $52,021,000 after buying an additional 25,455 shares during the period. SBI Securities Co. Ltd. boosted its position in Permian Resources by 18.1% during the 1st quarter. SBI Securities Co. Ltd. now owns 7,331 shares of the company's stock worth $102,000 after buying an additional 1,122 shares during the period. Signaturefd LLC boosted its position in Permian Resources by 37.1% during the 1st quarter. Signaturefd LLC now owns 9,866 shares of the company's stock worth $137,000 after buying an additional 2,672 shares during the period. Louisiana State Employees Retirement System boosted its position in Permian Resources by 1.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 179,200 shares of the company's stock worth $2,482,000 after buying an additional 2,600 shares during the period. Finally, Mutual of America Capital Management LLC boosted its position in Permian Resources by 2.8% during the 1st quarter. Mutual of America Capital Management LLC now owns 773,974 shares of the company's stock worth $10,720,000 after buying an additional 20,976 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PR shares. Royal Bank Of Canada lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Raymond James Financial restated a "strong-buy" rating and set a $23.00 price target (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. UBS Group raised their price target on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Monday, May 12th. The Goldman Sachs Group raised their price target on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Finally, Morgan Stanley lowered their price target on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, one has given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.40.

Permian Resources Stock Up 3.2%

PR stock traded up $0.42 during midday trading on Thursday, reaching $13.52. 7,814,563 shares of the company's stock traded hands, compared to its average volume of 9,768,844. The company has a market cap of $10.86 billion, a price-to-earnings ratio of 8.35 and a beta of 1.25. The firm's fifty day moving average price is $13.70 and its 200-day moving average price is $13.61. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.95.

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

Permian Resources Dividend Announcement

The firm also recently declared 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 was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.44%. Permian Resources's dividend payout ratio (DPR) is presently 37.04%.

Permian Resources Company Profile

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.