GSA Capital Partners LLP Grows Position in Permian Resources Corporation (NYSE:PR)

Key Points

• GSA Capital Partners LLP has significantly increased its holdings in Permian Resources Corporation by 258.6%, acquiring an additional 96,466 shares during the first quarter, with total holdings now exceeding $1.8 million.
• Permian Resources has received multiple upgrades from analysts, including a boost in target prices, with the average price target now at $18.47 and a consensus rating of "Buy".
• The company recently declared a quarterly dividend of $0.15, yielding approximately 4.18%, with a payout ratio of 37.04%.

GSA Capital Partners LLP boosted its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 258.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 133,771 shares of the company's stock after buying an additional 96,466 shares during the period. GSA Capital Partners LLP's holdings in Permian Resources were worth $1,853,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PR. OneDigital Investment Advisors LLC boosted its holdings in Permian Resources by 19.2% in the first quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock valued at $267,000 after purchasing an additional 3,107 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Permian Resources by 12.4% in the first 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 during the period. Crossmark Global Holdings Inc. boosted its holdings in Permian Resources by 8.5% in the first quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock valued at $393,000 after purchasing an additional 2,215 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in Permian Resources by 27.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock valued at $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 first quarter valued at $174,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Price Performance

Permian Resources stock traded down $0.54 during mid-day trading on Friday, hitting $13.63. 8,951,936 shares of the company were exchanged, compared to its average volume of 10,062,902. 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's 50 day simple moving average is $13.80 and its two-hundred day simple moving average is $13.53. The company has a market capitalization of $10.95 billion, a P/E ratio of 8.41 and a beta of 1.25. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). The company had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. The business's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.25 EPS. Analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.4%. Permian Resources's payout ratio is 37.04%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wells Fargo & Company lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. The Goldman Sachs Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. Bank of America lifted their target price on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Piper Sandler lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Finally, Royal Bank Of Canada lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Friday, May 16th. One research analyst has rated the stock with a sell rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Permian Resources has an average rating of "Buy" and an average target price of $18.47.

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.