Argent Trust Co Grows Position in Permian Resources Corporation (NYSE:PR)

Key Points

• Argent Trust Co significantly increased its stake in Permian Resources by 892.4% in the first quarter, acquiring a total of 223,001 shares valued at approximately $3.09 million.
• Analysts have varying price targets for Permian Resources, with Wells Fargo lowering its target from $21.00 to $20.00, while UBS Group raised it from $14.00 to $16.00, reflecting a generally positive outlook.
• The company recently announced a quarterly dividend of $0.15, translating to an annualized yield of 4.4% and representing a dividend payout ratio of 37.04%.

Argent Trust Co grew its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 892.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 223,001 shares of the company's stock after acquiring an additional 200,531 shares during the period. Argent Trust Co's holdings in Permian Resources were worth $3,089,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PR. OneDigital Investment Advisors LLC increased its holdings in Permian Resources by 19.2% in the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock worth $267,000 after acquiring an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Permian Resources by 12.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock valued at $444,000 after buying an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. increased its stake in Permian Resources by 8.5% during the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock worth $393,000 after buying an additional 2,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Permian Resources by 27.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock valued at $425,000 after acquiring an additional 6,600 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Permian Resources in the first quarter worth approximately $174,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Stock Down 0.8%

NYSE:PR traded down $0.11 during midday trading on Wednesday, hitting $13.60. 14,018,891 shares of the company were exchanged, compared to its average volume of 10,091,303. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The company has a market capitalization of $10.92 billion, a PE ratio of 8.39 and a beta of 1.32. The company has a fifty day simple moving average of $13.86 and a 200 day simple moving average of $13.48.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting analysts' consensus estimates of $0.27. Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. As a group, equities analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

PR has been the topic of several recent research reports. Piper Sandler lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Royal Bank Of Canada lifted their price objective on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Susquehanna upped their target price on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Wells Fargo & Company reduced their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Finally, Raymond James Financial restated a "strong-buy" rating and set a $23.00 price objective (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $18.47.

Permian Resources 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.