Alps Advisors Inc. acquired a new position in Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 26,420 shares of the company's stock, valued at approximately $366,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Allworth Financial LP lifted its holdings in Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after purchasing an additional 1,635 shares in the last quarter. Sharpepoint LLC lifted its holdings in Permian Resources by 37.8% during the first quarter. Sharpepoint LLC now owns 98,240 shares of the company's stock valued at $1,361,000 after purchasing an additional 26,961 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Permian Resources by 114.2% during the first quarter. Nisa Investment Advisors LLC now owns 4,453 shares of the company's stock valued at $62,000 after purchasing an additional 2,374 shares in the last quarter. M&T Bank Corp lifted its holdings in Permian Resources by 58.3% during the first quarter. M&T Bank Corp now owns 85,060 shares of the company's stock valued at $1,179,000 after purchasing an additional 31,318 shares in the last quarter. Finally, Crossmark Global Holdings Inc. raised its position in shares of Permian Resources by 8.5% during the first quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock valued at $393,000 after buying an additional 2,215 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.
Permian Resources Stock Performance
NYSE:PR traded down $0.10 during midday trading on Friday, hitting $13.45. The company's stock had a trading volume of 12,601,111 shares, compared to its average volume of 9,804,095. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The firm's 50 day moving average is $13.72 and its 200-day moving average is $13.60. 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 has a market cap of $10.81 billion, a P/E ratio of 8.30 and a beta of 1.25.
Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. Permian Resources's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 EPS. Equities analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.
Permian Resources Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a $0.15 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.46%. Permian Resources's payout ratio is currently 37.04%.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on the stock. TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Raymond James Financial restated a "strong-buy" rating and issued a $23.00 price target (up previously from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Royal Bank Of Canada boosted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. Morgan Stanley cut their price objective on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Finally, Piper Sandler boosted their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research report on Thursday. One analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of "Buy" and a consensus price target of $18.40.
Check Out Our Latest Research Report on Permian Resources
Permian Resources Profile
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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.
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