Concurrent Investment Advisors LLC Cuts Stake in Permian Resources Corporation (NYSE:PR)

Concurrent Investment Advisors LLC reduced its position in Permian Resources Corporation (NYSE:PR - Free Report) by 65.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,265 shares of the company's stock after selling 20,946 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Permian Resources were worth $156,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. World Investment Advisors bought a new position in shares of Permian Resources in the 1st quarter worth $144,000. Brookstone Capital Management purchased a new position in shares of Permian Resources in the 1st quarter worth about $1,743,000. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in shares of Permian Resources by 4.2% in the 1st quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 192,790 shares of the company's stock worth $2,670,000 after purchasing an additional 7,755 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in shares of 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 purchasing an additional 3,107 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Permian Resources by 33.1% in the 1st quarter. Principal Financial Group Inc. now owns 6,620,604 shares of the company's stock worth $91,695,000 after purchasing an additional 1,647,487 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Down 2.3%

NYSE PR traded down $0.31 during trading on Wednesday, reaching $13.24. 6,916,805 shares of the company's stock were exchanged, compared to its average volume of 9,756,562. The stock has a market cap of $10.63 billion, a P/E ratio of 8.18 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 company has a 50 day moving average price of $13.68 and a two-hundred day moving average price of $13.62. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.95.

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

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.53%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is currently 37.04%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PR shares. The Goldman Sachs Group upped their price objective on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Royal Bank Of Canada increased their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. Raymond James Financial reiterated a "strong-buy" rating and issued a $23.00 price objective (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Susquehanna dropped their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Finally, UBS Group increased 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $18.33.

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.