Bank of New York Mellon Corp Has $177.70 Million Stock Position in Permian Resources Corporation (NYSE:PR)

Bank of New York Mellon Corp lessened its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 5.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,829,953 shares of the company's stock after selling 801,794 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.60% of Permian Resources worth $177,695,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of PR. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock valued at $2,021,000 after acquiring an additional 662 shares during the period. PNC Financial Services Group Inc. boosted its stake in Permian Resources by 1.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 60,048 shares of the company's stock worth $863,000 after purchasing an additional 921 shares in the last quarter. Coldstream Capital Management Inc. boosted its stake in Permian Resources by 8.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 13,355 shares of the company's stock worth $192,000 after purchasing an additional 1,009 shares in the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Permian Resources by 1.8% in the first quarter. Creative Financial Designs Inc. ADV now owns 64,181 shares of the company's stock worth $889,000 after purchasing an additional 1,106 shares in the last quarter. Finally, Van Den Berg Management I Inc. boosted its stake in Permian Resources by 0.3% in the fourth quarter. Van Den Berg Management I Inc. now owns 451,253 shares of the company's stock worth $6,489,000 after purchasing an additional 1,240 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PR. Piper Sandler cut their price target on Permian Resources from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. The Goldman Sachs Group increased their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 16th. TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday. Royal Bank Of Canada lifted their target price on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. Finally, Morgan Stanley decreased their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.33.

Permian Resources Price Performance

Shares of PR stock traded down $0.01 on Friday, hitting $14.18. 6,989,920 shares of the company's stock were exchanged, compared to its average volume of 9,750,695. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.86 and a quick ratio of 0.86. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.95. The stock has a market cap of $11.39 billion, a P/E ratio of 8.75 and a beta of 1.25. The company has a 50 day moving average of $13.60 and a 200 day moving average of $13.62.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the company earned $0.25 earnings per share. Permian Resources's quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently announced 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 of this dividend was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.23%. Permian Resources's payout ratio is presently 37.04%.

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.