55,231 Shares in Permian Resources Corporation $PR Acquired by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC opened a new position in Permian Resources, buying 55,231 shares worth about $774,000 in the fourth quarter.
• Institutional ownership remains very high, with hedge funds and other investors holding 91.84% of the company’s stock. Several other firms also increased or initiated positions recently.
• Wall Street remains broadly bullish on PR, with a consensus Buy rating and average price target of $23.35; the stock also pays a quarterly dividend of $0.16 per share, yielding about 3.3%.

Hsbc Holdings PLC acquired a new stake in Permian Resources Corporation (NYSE:PR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 55,231 shares of the company's stock, valued at approximately $774,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. grew its holdings in shares of Permian Resources by 6.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 24,063 shares of the company's stock worth $338,000 after buying an additional 1,498 shares in the last quarter. Corient Private Wealth LLC lifted its stake in shares of Permian Resources by 80.0% in the fourth quarter. Corient Private Wealth LLC now owns 80,764 shares of the company's stock worth $1,133,000 after buying an additional 35,905 shares in the last quarter. SHP Wealth Management purchased a new position in shares of Permian Resources in the fourth quarter worth about $27,000. Fearnley Asset Management AS acquired a new position in Permian Resources during the fourth quarter worth about $7,175,000. Finally, Virtu Financial LLC acquired a new position in Permian Resources during the fourth quarter worth about $389,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

PR has been the subject of a number of recent research reports. Roth Capital set a $23.00 price objective on shares of Permian Resources and gave the company a "buy" rating in a report on Monday, June 22nd. TD Cowen boosted their target price on Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, March 17th. Scotiabank upped their price target on Permian Resources from $21.00 to $25.00 and gave the company a "sector outperform" rating in a research report on Wednesday, April 22nd. Morgan Stanley reduced their price objective on Permian Resources from $25.00 to $24.00 and set an "overweight" rating on the stock in a research report on Monday, June 29th. Finally, KeyCorp began coverage on Permian Resources in a report on Tuesday, April 7th. They issued an "overweight" rating and a $25.00 target price for the company. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $23.35.

Insider Transactions at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.00% of the company's stock.

Permian Resources Stock Down 0.0%

PR stock opened at $19.61 on Wednesday. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The firm has a market cap of $16.42 billion, a PE ratio of 22.80 and a beta of 0.46. The firm's 50 day moving average price is $19.47 and its 200-day moving average price is $18.44. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the business posted $0.44 earnings per share. The firm's revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts anticipate that Permian Resources Corporation will post 1.92 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources's dividend payout ratio (DPR) is presently 74.42%.

Permian Resources Profile

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

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