Oppenheimer Asset Management Inc. Purchases 23,969 Shares of Permian Resources Corporation (NYSE:PR)

Oppenheimer Asset Management Inc. raised its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 58.6% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 64,896 shares of the company's stock after purchasing an additional 23,969 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Permian Resources were worth $899,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Permian Resources by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock valued at $2,021,000 after acquiring an additional 662 shares during the period. Principal Securities Inc. raised its position in shares of Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in shares of Permian Resources by 0.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company's stock valued at $1,862,000 after buying an additional 900 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Permian Resources by 1.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 60,048 shares of the company's stock worth $863,000 after buying an additional 921 shares during the period. Finally, Coldstream Capital Management Inc. increased its stake in Permian Resources by 8.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 13,355 shares of the company's stock worth $192,000 after buying an additional 1,009 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Wells Fargo & Company lowered their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Morgan Stanley decreased their target price on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Susquehanna dropped their price target on Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Piper Sandler cut their price objective on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Finally, The Goldman Sachs Group lifted their price objective on shares of 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, one has assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.50.

Permian Resources Price Performance

Shares of NYSE:PR traded up $0.19 on Wednesday, reaching $14.18. The company's stock had a trading volume of 7,905,609 shares, compared to its average volume of 9,739,298. The company has a 50-day simple moving average of $13.28 and a 200 day simple moving average of $13.60. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.95. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $11.39 billion, a P/E ratio of 8.76 and a beta of 1.25.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). The company had revenue of $1.38 billion during 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%. Permian Resources's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.25 EPS. As a group, equities research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.23%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's dividend payout ratio is 37.04%.

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.