First National Advisers LLC Invests $536,000 in Permian Resources Corporation (NYSE:PR)

Key Points

• First National Advisers LLC has made a new investment of approximately $536,000 in Permian Resources Corporation, acquiring 38,716 shares in the company.
• Permian Resources reported a quarterly EPS of $0.42, missing the consensus estimate of $0.44, while its revenue increased by 10.7% year-over-year to $1.38 billion.
• The company has announced a quarterly dividend of $0.15 per share, representing an annualized yield of 4.36%, with a payout ratio of 37.04%.

First National Advisers LLC purchased a new position in Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 38,716 shares of the company's stock, valued at approximately $536,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its stake in shares of Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after purchasing an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Permian Resources in the 4th quarter valued at about $431,676,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Permian Resources by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after purchasing an additional 291,444 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Permian Resources by 55.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after purchasing an additional 4,236,141 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Permian Resources by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 11,110,824 shares of the company's stock valued at $159,823,000 after purchasing an additional 168,887 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PR has been the topic of several research analyst reports. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $23.00 price objective (up from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. The Goldman Sachs Group boosted their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Bank of America boosted their price target on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Wells Fargo & Company reduced their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $18.47.

Permian Resources Stock Performance

PR traded down $0.15 during trading on Thursday, reaching $14.13. 3,263,055 shares of the company were exchanged, compared to its average volume of 10,048,277. The stock has a market cap of $11.35 billion, a P/E ratio of 8.71 and a beta of 1.25. The firm has a 50 day moving average of $13.77 and a 200 day moving average of $13.54. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. 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 announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The company's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.25 EPS. On average, sell-side analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.25%. The ex-dividend date was Monday, June 16th. Permian Resources's payout ratio is currently 37.04%.

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.