Permian Resources Corporation (NYSE:PR) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. raised its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 33.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,620,604 shares of the company's stock after acquiring an additional 1,647,487 shares during the quarter. Principal Financial Group Inc. owned approximately 0.82% of Permian Resources worth $91,695,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in PR. Smallwood Wealth Investment Management LLC acquired a new position in shares of Permian Resources during the 1st quarter worth about $30,000. Rakuten Securities Inc. boosted its position in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after purchasing an additional 2,305 shares during the period. RE Dickinson Investment Advisors LLC acquired a new stake in shares of Permian Resources in the 4th quarter valued at about $41,000. Lindbrook Capital LLC boosted its position in shares of Permian Resources by 294.8% in the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock valued at $42,000 after purchasing an additional 2,155 shares during the period. Finally, Tsfg LLC acquired a new stake in shares of Permian Resources in the 1st quarter valued at about $46,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Price Performance

NYSE:PR traded down $0.28 during trading hours on Monday, reaching $13.78. 7,623,157 shares of the company traded hands, compared to its average volume of 9,723,271. The firm's 50-day moving average is $13.43 and its 200-day moving average is $13.61. The stock has a market cap of $11.07 billion, a P/E ratio of 8.51 and a beta of 1.25. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.86 and a quick ratio of 0.86. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.95.

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 for the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. Permian Resources's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.25 EPS. Equities research analysts expect 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. Stockholders of record on Monday, June 16th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is 37.04%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PR. Wells Fargo & Company decreased their target price on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. UBS 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 Monday, May 12th. 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. JPMorgan Chase & Co. reduced their price objective on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Bank of America upped their price objective on Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.33.

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.