Homestead Advisers Corp Decreases Stock Holdings in Permian Resources Corporation (NYSE:PR)

Homestead Advisers Corp reduced its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 17.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,000 shares of the company's stock after selling 33,700 shares during the quarter. Homestead Advisers Corp's holdings in Permian Resources were worth $2,271,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Proficio Capital Partners LLC acquired a new position in shares of Permian Resources in the fourth quarter valued at about $207,000. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Permian Resources by 27.7% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 19,644 shares of the company's stock valued at $282,000 after purchasing an additional 4,260 shares during the period. Corient Private Wealth LLC increased its holdings in shares of Permian Resources by 80.4% in the fourth quarter. Corient Private Wealth LLC now owns 40,553 shares of the company's stock valued at $583,000 after purchasing an additional 18,069 shares during the period. Signaturefd LLC increased its holdings in shares of Permian Resources by 61.2% in the fourth quarter. Signaturefd LLC now owns 7,194 shares of the company's stock valued at $103,000 after purchasing an additional 2,730 shares during the period. Finally, Xponance Inc. grew its holdings in Permian Resources by 3.8% during the fourth quarter. Xponance Inc. now owns 86,264 shares of the company's stock worth $1,240,000 after acquiring an additional 3,180 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Up 2.1%

Shares of Permian Resources stock traded up $0.28 during trading hours on Tuesday, hitting $13.50. 2,437,303 shares of the company's stock traded hands, compared to its average volume of 10,036,138. The stock has a 50 day simple moving average of $13.72 and a 200-day simple moving average of $13.59. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. The company has a market cap of $10.84 billion, a PE ratio of 8.33 and a beta of 1.25. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results 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 return on equity of 11.96% and a net margin of 22.74%. The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the business posted $0.25 earnings per share. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. Equities research analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $0.15 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.60 annualized dividend and a yield of 4.45%. Permian Resources's dividend payout ratio (DPR) is 37.04%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PR. TD Cowen upgraded Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Bank of America lifted their target price on Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Susquehanna reduced their target price on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. UBS Group lifted their target price on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, Morgan Stanley dropped their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. 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's stock. Based on data from MarketBeat.com, Permian Resources has a consensus rating of "Buy" and an average target price of $18.40.

Permian Resources 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.

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