Brookstone Capital Management Buys New Holdings in Permian Resources Corporation (NYSE:PR)

Brookstone Capital Management bought a new stake in Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 125,855 shares of the company's stock, valued at approximately $1,743,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Smallwood Wealth Investment Management LLC acquired a new position in Permian Resources in the first quarter valued at $30,000. Rakuten Securities Inc. raised its position in Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after purchasing an additional 2,305 shares during the period. RE Dickinson Investment Advisors LLC purchased a new position in Permian Resources in the fourth quarter valued at about $41,000. Lindbrook Capital LLC raised its position in Permian Resources by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock valued at $42,000 after purchasing an additional 2,155 shares during the period. Finally, Tsfg LLC purchased a new position in Permian Resources in the first quarter valued at about $46,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. The Goldman Sachs Group raised their price objective on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 16th. UBS Group raised their price objective on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Piper Sandler cut their price objective on Permian Resources from $20.00 to $19.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Susquehanna cut their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. Finally, Morgan Stanley cut their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. 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 given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $18.33.

Permian Resources Stock Down 0.7%

Shares of NYSE PR opened at $14.07 on Monday. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.95. The firm has a market cap of $11.30 billion, a price-to-earnings ratio of 8.68 and a beta of 1.25. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.86 and a current ratio of 0.86. The stock's 50-day simple moving average is $13.40 and its 200-day simple moving average is $13.60.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results 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 during 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%. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $0.25 earnings per share. As a group, equities analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid 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 4.27%. Permian Resources's dividend payout ratio (DPR) is 37.04%.

Permian Resources Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.