Invesco Ltd. Grows Stock Holdings in Permian Resources Corporation $PR

Key Points

• Invesco Ltd. increased its ownership in Permian Resources Corporation by 8.9%, acquiring an additional 701,825 shares and bringing its total ownership to approximately 8.62 million shares worth $119.4 million.
• Permian Resources recently reported Q2 earnings of $0.27 per share, meeting expectations, while revenue decreased by 3.9% year-over-year, totaling $1.20 billion against an anticipated $1.23 billion.
• The company announced a quarterly dividend of $0.15 per share, resulting in a dividend yield of 4.5% and a payout ratio of approximately 39%.

Invesco Ltd. boosted its position in Permian Resources Corporation (NYSE:PR - Free Report) by 8.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,622,575 shares of the company's stock after acquiring an additional 701,825 shares during the quarter. Invesco Ltd. owned 1.07% of Permian Resources worth $119,423,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Mizuho Markets Americas LLC increased its stake in Permian Resources by 6.2% in the first quarter. Mizuho Markets Americas LLC now owns 838,247 shares of the company's stock valued at $11,610,000 after acquiring an additional 48,643 shares during the last quarter. Atlas Capital Advisors Inc. grew its stake in shares of Permian Resources by 1,226.0% during the first quarter. Atlas Capital Advisors Inc. now owns 12,464 shares of the company's stock valued at $173,000 after buying an additional 11,524 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Permian Resources by 6.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,618,751 shares of the company's stock valued at $63,970,000 after buying an additional 278,878 shares during the last quarter. Ruffer LLP bought a new position in shares of Permian Resources during the first quarter valued at about $4,967,000. Finally, ING Groep NV bought a new position in shares of Permian Resources during the first quarter valued at about $6,731,000. Institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PR. Wall Street Zen cut Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Susquehanna raised their price objective on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. The Goldman Sachs Group raised their price objective on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Wells Fargo & Company raised their price objective on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, Bank of America raised their target price on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Permian Resources currently has a consensus rating of "Buy" and a consensus price target of $18.47.

Permian Resources Stock Down 0.7%

PR traded down $0.0950 on Tuesday, hitting $13.2050. The company had a trading volume of 1,706,490 shares, compared to its average volume of 10,088,434. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The stock has a fifty day simple moving average of $13.90 and a 200-day simple moving average of $13.34. The firm has a market capitalization of $10.57 billion, a P/E ratio of 8.59 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period last year, the business posted $0.39 earnings per share. Permian Resources's quarterly revenue was down 3.9% compared to the same quarter last year. As a group, equities analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.5%. Permian Resources's dividend payout ratio (DPR) is 38.96%.

About Permian Resources

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.