Kestra Advisory Services LLC Increases Stake in Permian Resources Corporation $PR

Key Points

• Kestra Advisory Services LLC increased its stake in Permian Resources Corporation by 8.0% during the first quarter, resulting in ownership of 267,583 shares valued at approximately $3.7 million.
• Permian Resources recently announced a quarterly dividend of $0.15 per share, yielding 4.2%, with the ex-dividend date set for September 16th.
• Several analysts have raised their price targets for Permian Resources, with a consensus price target now at $18.53 and multiple firms issuing "buy" ratings on the stock.

Kestra Advisory Services LLC grew its position in Permian Resources Corporation (NYSE:PR - Free Report) by 8.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 267,583 shares of the company's stock after acquiring an additional 19,909 shares during the quarter. Kestra Advisory Services LLC's holdings in Permian Resources were worth $3,706,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. EntryPoint Capital LLC raised its stake in shares of Permian Resources by 55.2% in the first quarter. EntryPoint Capital LLC now owns 27,137 shares of the company's stock valued at $376,000 after acquiring an additional 9,648 shares during the period. HITE Hedge Asset Management LLC purchased a new stake in shares of Permian Resources in the first quarter valued at $11,628,000. Wellington Management Group LLP raised its stake in shares of Permian Resources by 236.8% in the first quarter. Wellington Management Group LLP now owns 2,192,083 shares of the company's stock valued at $30,360,000 after acquiring an additional 1,541,183 shares during the period. Aptus Capital Advisors LLC raised its stake in shares of Permian Resources by 137.0% in the first quarter. Aptus Capital Advisors LLC now owns 185,506 shares of the company's stock valued at $2,569,000 after acquiring an additional 107,219 shares during the period. Finally, Brooklyn Investment Group raised its stake in shares of Permian Resources by 433.9% in the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock valued at $43,000 after acquiring an additional 2,534 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Up 2.1%

Shares of Permian Resources stock opened at $14.16 on Thursday. 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 1 year low of $10.01 and a 1 year high of $16.33. The firm's 50-day moving average is $13.77 and its two-hundred day moving average is $13.32. The stock has a market cap of $11.33 billion, a price-to-earnings ratio of 9.19 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (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 company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the prior year, the business earned $0.39 EPS. The firm's quarterly revenue was down 3.9% on a year-over-year basis. As a group, research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.2%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 38.96%.

Analysts Set New Price Targets

Several research firms recently commented on PR. William Blair began coverage on shares of Permian Resources in a research note on Monday. They issued an "outperform" rating on the stock. UBS Group raised their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Susquehanna raised their price target on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. Bank of America raised their price target on shares of Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Finally, The Goldman Sachs Group raised their price target on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $18.53.

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.

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