Massachusetts Financial Services Co. MA lowered its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 6.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,301,501 shares of the company's stock after selling 1,141,420 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.15% of Permian Resources worth $239,626,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. OneDigital Investment Advisors LLC raised its position in shares of Permian Resources by 19.2% during the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock valued at $267,000 after buying an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Permian Resources by 12.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock valued at $444,000 after purchasing an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. raised its position in Permian Resources by 8.5% in the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock worth $393,000 after purchasing an additional 2,215 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Permian Resources by 27.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock worth $425,000 after purchasing an additional 6,600 shares during the period. Finally, Vontobel Holding Ltd. purchased a new position in Permian Resources in the 1st quarter worth $174,000. Hedge funds and other institutional investors own 91.84% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on PR. Piper Sandler lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Royal Bank Of Canada lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. UBS Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $23.00 target price (up from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $18.40.
Get Our Latest Analysis on Permian Resources
Permian Resources Stock Down 0.7%
PR traded down $0.10 during trading on Friday, hitting $13.45. 12,601,111 shares of the company's stock traded hands, compared to its average volume of 9,804,095. The company's 50 day simple moving average is $13.72 and its two-hundred day simple moving average is $13.60. The company has a current ratio of 0.86, a quick ratio of 0.86 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 8.30 and a beta of 1.25.
Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter in the prior year, the business posted $0.25 earnings per share. The business's revenue for the quarter was up 10.7% on a year-over-year basis. Analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.
Permian Resources Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's payout ratio is 37.04%.
Permian Resources Company Profile
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Free Report)
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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