Inspire Investing LLC Invests $1.74 Million in Permian Resources Corporation $PR

Key Points

• Inspire Investing LLC opened a new position in Permian Resources during the first quarter, buying 81,457 shares worth about $1.74 million.
• Institutional ownership remains very high, with major holders like Vanguard, Dimensional, and Bank of New York Mellon adding to their stakes; institutions now own 91.84% of the company.
• Analyst sentiment is mostly upbeat: Permian Resources has an average Buy rating with a consensus price target of $23.53, while the company also recently posted earnings that slightly beat EPS estimates and paid a quarterly dividend yielding 3.5%.

Inspire Investing 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 fund purchased 81,457 shares of the company's stock, valued at approximately $1,737,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock worth $1,057,930,000 after acquiring an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company's stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the last quarter. State Street Corp raised its holdings in shares of Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company's stock worth $330,454,000 after purchasing an additional 460,158 shares during the period. Finally, Boston Partners raised its holdings in shares of Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company's stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the period. Institutional investors own 91.84% of the company's stock.

Analysts Set New Price Targets

PR has been the subject of several research reports. BMO Capital Markets raised Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 7th. Roth Mkm set a $23.00 target price on Permian Resources and gave the company a "buy" rating in a research note on Monday, June 22nd. Weiss Ratings cut Permian Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, May 12th. Wells Fargo & Company set a $26.00 price target on Permian Resources in a research note on Monday, May 25th. Finally, Raymond James Financial decreased their price objective on Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a report on Wednesday, June 17th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $23.53.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated 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 completion of the transaction, the executive vice president owned 542,503 shares of the company's stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.00% of the stock is owned by insiders.

Permian Resources Trading Down 0.2%

Shares of PR stock opened at $18.43 on Wednesday. The stock has a market capitalization of $15.44 billion, a price-to-earnings ratio of 21.44 and a beta of 0.48. The company's fifty day simple moving average is $19.87 and its two-hundred day simple moving average is $18.11. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the company earned $0.44 earnings per share. The business's revenue for the quarter was up .9% on a year-over-year basis. As a group, analysts anticipate that Permian Resources Corporation will post 1.97 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were paid a $0.16 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.5%. Permian Resources's dividend payout ratio (DPR) is currently 74.42%.

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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