Allspring Global Investments Holdings LLC Cuts Holdings in Permian Resources Corporation (NYSE:PR)

Allspring Global Investments Holdings LLC lowered its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 10.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 562,897 shares of the company's stock after selling 66,947 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.07% of Permian Resources worth $7,768,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Rakuten Securities Inc. raised its stake in shares of Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after acquiring an additional 2,305 shares in the last quarter. RE Dickinson Investment Advisors LLC bought a new position in Permian Resources in the 4th quarter worth $41,000. Lindbrook Capital LLC lifted its holdings in Permian Resources by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock worth $42,000 after buying an additional 2,155 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of Permian Resources by 93.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,634 shares of the company's stock valued at $51,000 after purchasing an additional 1,751 shares during the period. Finally, UMB Bank n.a. lifted its position in Permian Resources by 37.2% during the first quarter. UMB Bank n.a. now owns 6,175 shares of the company's stock valued at $86,000 after buying an additional 1,675 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

PR opened at $14.07 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. The company has a market cap of $11.30 billion, a price-to-earnings ratio of 8.68 and a beta of 1.25. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.95. The company's 50 day moving average is $13.40 and its 200 day moving average is $13.60.

Permian Resources (NYSE:PR - Get Free Report) last posted 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 firm's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 earnings per share. On average, equities research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is presently 37.04%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PR. Royal Bank Of Canada increased their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. Wells Fargo & Company lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Monday, June 16th. UBS Group boosted their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Susquehanna cut their price target on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. lowered their price target on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.33.

About Permian Resources

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.

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