Brookstone Capital Management Invests $1.74 Million in Permian Resources Corporation (NYSE:PR)

Brookstone Capital Management purchased a new position in Permian Resources Corporation (NYSE:PR - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 125,855 shares of the company's stock, valued at approximately $1,743,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Permian Resources by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after acquiring an additional 870,622 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after acquiring an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Permian Resources during the 4th quarter worth approximately $431,676,000. Massachusetts Financial Services Co. MA raised its position in Permian Resources by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after purchasing an additional 291,444 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Permian Resources by 55.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after buying an additional 4,236,141 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Morgan Stanley cut their price objective on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a research note on Monday. Wells Fargo & Company cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. UBS Group raised their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Royal Bank Of Canada lifted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $18.33.

Permian Resources Price Performance

Permian Resources stock traded up $0.06 during midday trading on Thursday, hitting $14.21. The company's stock had a trading volume of 8,283,006 shares, compared to its average volume of 9,747,646. The stock's 50-day moving average price is $13.52 and its 200-day moving average price is $13.62. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $11.41 billion, a PE ratio of 8.77 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.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.25 EPS. Analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $0.15 per share. The ex-dividend date was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.22%. Permian Resources's payout ratio is currently 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.