Fifth Third Bancorp Grows Position in Permian Resources Corporation $PR

Key Points

• Fifth Third Bancorp dramatically increased its stake in Permian Resources by 9,517.2% in the first quarter, ending with 252,162 shares valued at about $5.38 million.
• Permian Resources reported quarterly EPS of $0.39, topping analyst expectations, while revenue came in at $1.39 billion and rose slightly year over year.
• The stock has gained attention from both institutions and analysts: 91.84% of shares are institutionally owned, and Wall Street’s consensus rating is Buy with an average price target of $23.29.

Fifth Third Bancorp increased its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 9,517.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 252,162 shares of the company's stock after acquiring an additional 249,540 shares during the quarter. Fifth Third Bancorp's holdings in Permian Resources were worth $5,376,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cedar Mountain Advisors LLC bought a new position in shares of Permian Resources during the 1st quarter valued at about $48,000. Hsbc Holdings PLC increased its stake in Permian Resources by 177.9% in the 1st quarter. Hsbc Holdings PLC now owns 153,492 shares of the company's stock worth $3,290,000 after acquiring an additional 98,261 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Permian Resources by 9.9% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 151,821 shares of the company's stock worth $3,237,000 after acquiring an additional 13,700 shares in the last quarter. Quantum Portfolio Management LLC purchased a new stake in shares of Permian Resources during the 1st quarter worth approximately $762,000. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in shares of Permian Resources by 9.2% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 315,450 shares of the company's stock valued at $6,665,000 after acquiring an additional 26,510 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Trading Up 2.4%

Permian Resources stock opened at $20.20 on Friday. The stock has a 50-day moving average of $19.44 and a two-hundred day moving average of $18.53. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The stock has a market cap of $16.91 billion, a PE ratio of 23.49 and a beta of 0.46.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the firm earned $0.44 EPS. The firm's revenue was up .9% on a year-over-year basis. On average, research analysts anticipate that Permian Resources Corporation will post 1.93 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources's dividend payout ratio is presently 74.42%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PR. UBS Group reduced their price target on shares of Permian Resources from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Friday. Raymond James Financial lowered their price objective on shares of Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a research report on Wednesday, June 17th. Scotiabank lifted their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 22nd. Evercore assumed coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They issued an "outperform" rating and a $25.00 target price on the stock. Finally, Morgan Stanley decreased their target price on shares of Permian Resources from $25.00 to $24.00 and set an "overweight" rating on the stock in a research report on Monday, June 29th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Permian Resources has an average rating of "Buy" and a consensus price target of $23.29.

Insider Activity

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.00% of the stock is currently owned by insiders.

Permian Resources Profile

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

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