Permian Resources Corporation (NYSE:PR) Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 58.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,896 shares of the company's stock after purchasing an additional 23,969 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Permian Resources were worth $899,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. boosted its position in shares of 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 in the last quarter. Innealta Capital LLC acquired a new stake in Permian Resources in the first quarter worth about $140,000. Advisor Resource Council acquired a new stake in Permian Resources in the first quarter worth about $770,000. Retirement Systems of Alabama boosted its stake in Permian Resources by 0.6% in the 1st quarter. Retirement Systems of Alabama now owns 778,578 shares of the company's stock worth $10,783,000 after purchasing an additional 4,788 shares in the last quarter. Finally, ORG Wealth Partners LLC boosted its stake in Permian Resources by 344.0% in the 1st quarter. ORG Wealth Partners LLC now owns 9,471 shares of the company's stock worth $131,000 after purchasing an additional 7,338 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analyst Weigh In

PR has been the subject of a number of recent analyst reports. Morgan Stanley lowered 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 note on Thursday, March 27th. Bank of America lifted their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. The Goldman Sachs Group lifted their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Susquehanna lowered their price target on Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. Finally, UBS Group lifted their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.50.

Permian Resources Trading Down 1.3%

Shares of NYSE:PR opened at $13.75 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average of $13.20 and a two-hundred day moving average of $13.61. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.95. The company has a market capitalization of $11.04 billion, a PE ratio of 8.48 and a beta of 1.24.

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

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.37%. Permian Resources's 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.

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