Jones Financial Companies Lllp Has $1.72 Million Stock Position in Permian Resources Corporation $PR

Key Points

• Jones Financial Companies Lllp increased its stake in Permian Resources Corporation by 319.7% in Q1, now owning 124,368 shares valued at $1.72 million.
• Several brokerages have raised their price targets for Permian Resources, with an average target now at $18.47 and a consensus rating of "Buy."
• The company announced a quarterly dividend of $0.15, providing a 4.3% yield, with the payment date set for September 30th.

Jones Financial Companies Lllp raised its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 319.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 124,368 shares of the company's stock after purchasing an additional 94,737 shares during the quarter. Jones Financial Companies Lllp's holdings in Permian Resources were worth $1,722,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Hexagon Capital Partners LLC increased its holdings in shares of Permian Resources by 30.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock valued at $54,000 after acquiring an additional 921 shares during the last quarter. HighPoint Advisor Group LLC increased its holdings in shares of Permian Resources by 5.1% in the 1st quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company's stock valued at $283,000 after acquiring an additional 986 shares during the last quarter. Vident Advisory LLC increased its holdings in shares of Permian Resources by 9.9% in the 1st quarter. Vident Advisory LLC now owns 11,321 shares of the company's stock valued at $157,000 after acquiring an additional 1,019 shares during the last quarter. Creative Financial Designs Inc. ADV increased its holdings in shares of Permian Resources by 1.8% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 64,181 shares of the company's stock valued at $889,000 after acquiring an additional 1,106 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its holdings in shares of Permian Resources by 18.1% in the 1st quarter. SBI Securities Co. Ltd. now owns 7,331 shares of the company's stock valued at $102,000 after acquiring an additional 1,122 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PR has been the subject of a number of research analyst reports. Susquehanna boosted their price target on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Wells Fargo & Company boosted their price target on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Piper Sandler increased their target price on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Morgan Stanley increased their target price on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Raymond James Financial dropped their target price on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a research report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $18.47.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.15 during trading on Wednesday, hitting $13.54. The stock had a trading volume of 7,297,790 shares, compared to its average volume of 10,254,001. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a market cap of $10.83 billion, a P/E ratio of 8.80 and a beta of 1.42. The business has a fifty day moving average of $13.75 and a two-hundred day moving average of $13.28. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33.

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

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.4%. Permian Resources's payout ratio is 38.96%.

Insiders Place Their Bets

In other news, EVP John Charles Bell sold 4,743 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the sale, the executive vice president directly owned 107,569 shares of the company's stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

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.