Comerica Bank Raises Holdings in Permian Resources Corporation $PR

Key Points

• Comerica Bank increased its stake in Permian Resources Corporation by 7.8%, acquiring an additional 124,993 shares, bringing its total ownership to approximately 1.72 million shares worth $23.8 million.
• Pernian Resources reported a quarterly earnings per share (EPS) of $0.27 and revenue of $1.20 billion, which fell short of analysts' estimates.
• The company declared a quarterly dividend of $0.15 per share, with a yield of 4.4%, to be paid on September 30th to shareholders on record by September 16th.

Comerica Bank lifted its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 7.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,718,072 shares of the company's stock after purchasing an additional 124,993 shares during the period. Comerica Bank owned about 0.21% of Permian Resources worth $23,795,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MetLife Investment Management LLC increased its stake in Permian Resources by 69.9% during the 1st quarter. MetLife Investment Management LLC now owns 620,347 shares of the company's stock worth $8,592,000 after buying an additional 255,150 shares in the last quarter. Oliver Luxxe Assets LLC boosted its stake in shares of Permian Resources by 21.1% in the first quarter. Oliver Luxxe Assets LLC now owns 179,844 shares of the company's stock worth $2,491,000 after acquiring an additional 31,388 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Permian Resources by 234.1% during the first quarter. Smartleaf Asset Management LLC now owns 12,143 shares of the company's stock worth $167,000 after purchasing an additional 8,509 shares in the last quarter. AlphaQuest LLC acquired a new position in Permian Resources in the 1st quarter valued at $289,000. Finally, Kestra Advisory Services LLC raised its stake in Permian Resources by 8.0% in the 1st quarter. Kestra Advisory Services LLC now owns 267,583 shares of the company's stock valued at $3,706,000 after purchasing an additional 19,909 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Trading Up 2.2%

Shares of PR traded up $0.32 during trading on Thursday, reaching $14.47. 6,939,333 shares of the company traded hands, compared to its average volume of 10,111,790. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. The stock has a 50-day simple moving average of $13.77 and a 200-day simple moving average of $13.32. The stock has a market cap of $11.58 billion, a PE ratio of 9.39 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.Permian Resources's revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS. On average, analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 38.96%.

Analyst Ratings Changes

PR has been the topic of several recent research reports. The Goldman Sachs Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. William Blair began coverage on shares of Permian Resources in a research note on Monday. They issued an "outperform" rating on the stock. Raymond James Financial restated a "strong-buy" rating and set a $23.00 price target (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Susquehanna increased their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Finally, UBS Group raised their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $18.53.

About Permian Resources

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.