Permian Resources Corporation (NYSE:PR) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 29.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 843,407 shares of the company's stock after purchasing an additional 193,699 shares during the period. Envestnet Asset Management Inc. owned approximately 0.10% of Permian Resources worth $11,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Permian Resources during the first quarter worth about $30,000. RE Dickinson Investment Advisors LLC acquired a new position in Permian Resources in the 4th quarter valued at about $41,000. Tsfg LLC purchased a new position in shares of Permian Resources during the 1st quarter worth approximately $46,000. Hexagon Capital Partners LLC raised its position in Permian Resources by 30.8% in the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock valued at $54,000 after purchasing an additional 921 shares during the period. Finally, Ameriflex Group Inc. purchased a new stake in Permian Resources in the fourth quarter valued at approximately $89,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Up 0.3%

Shares of PR stock traded up $0.03 on Wednesday, hitting $13.52. The stock had a trading volume of 8,158,306 shares, compared to its average volume of 9,817,854. The firm has a market capitalization of $10.87 billion, a price-to-earnings ratio of 8.35 and a beta of 1.25. The stock's 50 day moving average is $13.70 and its 200-day moving average is $13.57. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.86 and a current ratio of 0.86. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the company earned $0.25 earnings per share. The company's revenue was up 10.7% compared to the same quarter last year. As a group, research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.44%. Permian Resources's payout ratio is currently 37.04%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PR shares. 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 research report on Wednesday. TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Raymond James Financial restated a "strong-buy" rating and issued a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. Wells Fargo & Company reduced their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Finally, Morgan Stanley reduced their price target 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. One investment analyst has rated the stock with a sell rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of "Buy" and an average target price of $18.47.

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.