LPL Financial LLC Purchases 176,424 Shares of Permian Resources Corporation (NYSE:PR)

Key Points

• LPL Financial LLC increased its position in Permian Resources Corporation by 78.8%, now holding 400,186 shares worth approximately $5.54 million.
• Analysts have shown optimism, with several firms upgrading their ratings and raising price targets for Permian Resources, leading to an average price target of $18.47.
• Permian Resources announced a quarterly dividend of $0.15, representing an annualized yield of 4.5%, with a payout date set for September 30th.

LPL Financial LLC raised its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 78.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400,186 shares of the company's stock after purchasing an additional 176,424 shares during the period. LPL Financial LLC's holdings in Permian Resources were worth $5,543,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allworth Financial LP raised its position in Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after purchasing an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of Permian Resources in the 1st quarter worth approximately $30,000. Tsfg LLC bought a new position in shares of Permian Resources in the 1st quarter worth approximately $46,000. Hexagon Capital Partners LLC raised its position 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 worth $54,000 after acquiring an additional 921 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Permian Resources by 114.2% in the 1st quarter. Nisa Investment Advisors LLC now owns 4,453 shares of the company's stock worth $62,000 after acquiring an additional 2,374 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Raymond James Financial reissued a "strong-buy" rating and issued a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Wall Street Zen lowered Permian Resources from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. UBS Group increased their target price on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Bank of America upped their price target 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 analysts have rated the stock with a sell rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.53.

Permian Resources Stock Down 1.0%

PR traded down $0.13 during trading on Friday, hitting $13.45. 10,709,561 shares of the company's stock traded hands, compared to its average volume of 10,163,542. The company's 50 day simple moving average is $13.91 and its two-hundred day simple moving average is $13.38. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.33. The stock has a market capitalization of $10.81 billion, a price-to-earnings ratio of 8.73 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 EPS for the quarter, meeting the consensus estimate of $0.27. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $0.39 EPS. Analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 38.96%.

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.