M&T Bank Corp Grows Holdings in Permian Resources Corporation (NYSE:PR)

M&T Bank Corp lifted its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 58.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 85,060 shares of the company's stock after buying an additional 31,318 shares during the period. M&T Bank Corp's holdings in Permian Resources were worth $1,179,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Crossmark Global Holdings Inc. grew 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 in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Permian Resources by 29.8% during the first quarter. Envestnet Asset Management Inc. now owns 843,407 shares of the company's stock valued at $11,681,000 after acquiring an additional 193,699 shares during the last quarter. Hexagon Capital Partners LLC increased its position in shares of Permian Resources by 30.8% during the first 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. Penserra Capital Management LLC lifted its holdings in Permian Resources by 32.6% during the first quarter. Penserra Capital Management LLC now owns 34,587 shares of the company's stock worth $479,000 after acquiring an additional 8,498 shares during the period. Finally, World Investment Advisors purchased a new position in Permian Resources in the first quarter worth $144,000. Institutional investors own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. UBS Group lifted their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Morgan Stanley reduced their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Raymond James Financial restated a "strong-buy" rating and set a $23.00 price target (up previously from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. Finally, Wells Fargo & Company dropped their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Permian Resources presently has an average rating of "Moderate Buy" and a consensus target price of $18.33.

Permian Resources Stock Performance

Shares of Permian Resources stock traded up $0.02 during trading hours on Tuesday, reaching $13.93. The company had a trading volume of 1,426,404 shares, compared to its average volume of 9,998,388. The firm has a market cap of $11.19 billion, a PE ratio of 8.60 and a beta of 1.25. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.95. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.86 and a quick ratio of 0.86. The business has a fifty day simple moving average of $13.60 and a 200 day simple moving average of $13.62.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the business posted $0.25 earnings per share. Permian Resources's revenue was up 10.7% compared to the same quarter last year. On average, analysts anticipate 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 given a $0.15 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.31%. Permian Resources's dividend payout ratio (DPR) is presently 37.04%.

Permian Resources 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.