ING Groep NV Takes Position in Permian Resources Corporation (NYSE:PR)

Key Points

• ING Groep NV has acquired a new stake in Permian Resources Corporation, purchasing 486,000 shares valued at approximately $6.73 million, representing a 0.06% ownership in the company.
• Recent institutional investments have increased significantly, with Price T Rowe Associates raising its stake in Permian Resources by 60.4% during the fourth quarter.
• Permian Resources recently announced a quarterly dividend of $0.15, reflecting an annual dividend yield of 4.4%, with a payout ratio of 37.04%.

ING Groep NV bought a new stake in Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 486,000 shares of the company's stock, valued at approximately $6,731,000. ING Groep NV owned about 0.06% of Permian Resources as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of PR. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Permian Resources during the 4th quarter worth approximately $431,676,000. Price T Rowe Associates Inc. MD lifted its position in shares of Permian Resources by 60.4% during 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 acquiring an additional 12,306,854 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after acquiring an additional 4,236,141 shares during the period. Freestone Grove Partners LP acquired a new position in shares of Permian Resources during the 4th quarter worth $57,114,000. Finally, Invesco Ltd. raised its holdings in shares of Permian Resources by 56.1% during the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock worth $113,900,000 after buying an additional 2,845,449 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Stock Down 0.8%

Shares of PR stock traded down $0.11 during trading hours on Wednesday, reaching $13.60. The company had a trading volume of 14,018,891 shares, compared to its average volume of 9,740,909. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.86 and a quick ratio of 0.86. The business has a fifty day simple moving average of $13.86 and a 200-day simple moving average of $13.48. The company has a market cap of $10.92 billion, a price-to-earnings ratio of 8.39 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last issued 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). The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The business's revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 earnings per share. On average, research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.4%. Permian Resources's dividend payout ratio is currently 37.04%.

Analysts Set New Price Targets

PR has been the subject of a number of recent research reports. Piper Sandler upped their target price on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. The Goldman Sachs Group increased their price target on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 16th. TD Cowen raised Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Wells Fargo & Company decreased their price target on 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, Susquehanna increased their price target on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Permian Resources currently has a consensus rating of "Buy" and a consensus price target 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.