Ramirez Asset Management Inc. Raises Stock Holdings in Permian Resources Corporation (NYSE:PR)

Key Points

• Ramirez Asset Management Inc. increased its stake in Permian Resources Corporation by 41.4%, acquiring a total of 109,900 shares valued at approximately $1.52 million.
• Permian Resources announced a quarterly dividend of $0.15 per share, with an annualized dividend yield of 4.18%.
• Despite reporting earnings per share of $0.42 for the last quarter, Permian missed analyst expectations of $0.44, though revenue increased 10.7% year-over-year.

Ramirez Asset Management Inc. increased its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 41.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 109,900 shares of the company's stock after acquiring an additional 32,192 shares during the quarter. Ramirez Asset Management Inc.'s holdings in Permian Resources were worth $1,522,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. First National Advisers LLC bought a new position in Permian Resources during the first quarter worth $536,000. LPL Financial LLC boosted its position in Permian Resources by 78.8% during the first quarter. LPL Financial LLC now owns 400,186 shares of the company's stock worth $5,543,000 after purchasing an additional 176,424 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Permian Resources by 9.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,889 shares of the company's stock worth $2,505,000 after purchasing an additional 15,802 shares during the period. Applied Finance Capital Management LLC boosted its position in Permian Resources by 24.8% during the first quarter. Applied Finance Capital Management LLC now owns 19,947 shares of the company's stock worth $276,000 after purchasing an additional 3,967 shares during the period. Finally, Navellier & Associates Inc. boosted its position in Permian Resources by 3.3% during the first quarter. Navellier & Associates Inc. now owns 40,143 shares of the company's stock worth $556,000 after purchasing an additional 1,265 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Price Performance

PR traded down $0.50 on Friday, reaching $13.67. The stock had a trading volume of 7,296,048 shares, compared to its average volume of 10,054,607. The company has a market capitalization of $10.98 billion, a price-to-earnings ratio of 8.42 and a beta of 1.25. The firm has a 50-day moving average of $13.80 and a 200-day moving average of $13.53. 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 fifty-two week low of $10.01 and a fifty-two week high of $16.33.

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

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.4%. Permian Resources's dividend payout ratio (DPR) is currently 37.04%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on PR shares. Wells Fargo & Company decreased their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Piper Sandler upped their price objective on Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Royal Bank Of Canada upped their target price on Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. TD Cowen upgraded Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Finally, The Goldman Sachs Group upped their target price on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $18.47.

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.