CWA Asset Management Group LLC Reduces Position in Permian Resources Corporation (NYSE:PR)

CWA Asset Management Group LLC decreased its position in Permian Resources Corporation (NYSE:PR - Free Report) by 87.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,960 shares of the company's stock after selling 96,246 shares during the quarter. CWA Asset Management Group LLC's holdings in Permian Resources were worth $193,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PR. Principal Securities Inc. raised its holdings in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after acquiring an additional 852 shares during the period. Sanctuary Advisors LLC grew its position in shares of Permian Resources by 4.0% during the 4th quarter. Sanctuary Advisors LLC now owns 49,310 shares of the company's stock valued at $742,000 after purchasing an additional 1,907 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Permian Resources by 5.4% in the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company's stock worth $226,000 after purchasing an additional 805 shares during the period. D.A. Davidson & CO. boosted its stake in Permian Resources by 42.5% during the fourth quarter. D.A. Davidson & CO. now owns 14,262 shares of the company's stock valued at $205,000 after buying an additional 4,252 shares during the period. Finally, Atria Wealth Solutions Inc. purchased a new position in Permian Resources during the fourth quarter worth about $149,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Trading Up 0.1%

Shares of Permian Resources stock traded up $0.01 on Tuesday, reaching $14.11. The company had a trading volume of 10,103,578 shares, compared to its average volume of 9,915,648. The firm's 50-day moving average price is $13.02 and its two-hundred day moving average price is $13.63. 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 $11.34 billion, a price-to-earnings ratio of 8.71 and a beta of 1.24. 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 (NYSE:PR - Get Free Report) last released its quarterly earnings data 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 analysts' expectations of $1.37 billion. During the same period last year, the firm earned $0.25 earnings per share. Permian Resources's quarterly revenue was up 10.7% on a year-over-year basis. As a group, research analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.25%. Permian Resources's dividend payout ratio is presently 37.04%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PR. Royal Bank Of Canada boosted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. Morgan Stanley lowered their price target on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Bank of America raised their target price on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. 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, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $23.00 price target (up previously from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.50.

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.