DRW Securities LLC Acquires 98,800 Shares of Permian Resources Corporation $PR

Key Points

• DRW Securities LLC increased its stake in Permian Resources Corporation by 88.8%, owning 210,000 shares worth approximately $2.9 million after adding 98,800 shares in the first quarter.
• Permian Resources recently announced a quarterly dividend of $0.15 per share, resulting in an annualized yield of 4.2% with a dividend payout ratio of 38.96%.
• Analysts have raised their target price for Permian Resources, with Bank of America setting it at $16.00 and Wells Fargo at $21.00, reflecting a favorable outlook for the company's stock.

DRW Securities LLC lifted its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 88.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 210,000 shares of the company's stock after acquiring an additional 98,800 shares during the quarter. DRW Securities LLC's holdings in Permian Resources were worth $2,908,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Permian Resources in the fourth quarter worth approximately $431,676,000. Dimensional Fund Advisors LP boosted its holdings in shares of Permian Resources by 19.4% in the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock worth $195,276,000 after buying an additional 2,286,363 shares during the last quarter. Nuveen LLC purchased a new position in shares of Permian Resources in the first quarter worth approximately $175,525,000. Invesco Ltd. boosted its holdings in shares of Permian Resources by 8.9% in the first quarter. Invesco Ltd. now owns 8,622,575 shares of the company's stock worth $119,423,000 after buying an additional 701,825 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Permian Resources by 33.1% in the first quarter. Principal Financial Group Inc. now owns 6,620,604 shares of the company's stock worth $91,695,000 after buying an additional 1,647,487 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PR shares. Royal Bank Of Canada reissued an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a report on Tuesday. The Goldman Sachs Group raised 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. Morgan Stanley raised their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Susquehanna raised their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. Finally, Raymond James Financial decreased their target price on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Permian Resources presently has a consensus rating of "Buy" and an average price target of $18.47.

Permian Resources Price Performance

Shares of PR stock traded up $0.48 on Thursday, reaching $14.32. The company's stock had a trading volume of 8,748,564 shares, compared to its average volume of 10,120,948. The stock's fifty day simple moving average is $13.78 and its 200-day simple moving average is $13.31. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 9.30 and a beta of 1.42.

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

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.2%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 38.96%.

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.