Principal Financial Group Inc. Purchases 1,647,487 Shares of Permian Resources Corporation (NYSE:PR)

Principal Financial Group Inc. grew its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 33.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,620,604 shares of the company's stock after purchasing 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 SEC filing.

Other institutional investors have also recently modified their holdings of the company. Janney Montgomery Scott LLC increased its position in shares of Permian Resources by 12.4% during the 1st 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 last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Permian Resources by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock valued at $62,407,000 after purchasing an additional 176,320 shares during the last quarter. Channing Capital Management LLC grew its position in Permian Resources by 286.1% during the 4th quarter. Channing Capital Management LLC now owns 620,138 shares of the company's stock worth $8,918,000 after acquiring an additional 459,516 shares during the last quarter. M&T Bank Corp grew its position in Permian Resources by 60.9% during the 4th quarter. M&T Bank Corp now owns 53,742 shares of the company's stock worth $773,000 after acquiring an additional 20,340 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in Permian Resources by 93.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,634 shares of the company's stock worth $51,000 after acquiring an additional 1,751 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Trading Up 4.7%

NYSE PR traded up $0.65 on Tuesday, hitting $14.42. The company's stock had a trading volume of 11,579,186 shares, compared to its average volume of 9,740,035. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.95. 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 company's 50-day simple moving average is $13.47 and its 200 day simple moving average is $13.61. The firm has a market cap of $11.59 billion, a P/E ratio of 8.90 and a beta of 1.25.

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). Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the firm earned $0.25 earnings per share. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. Research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors 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 4.16%. Permian Resources's dividend payout ratio is presently 37.04%.

Wall Street Analysts Forecast Growth

PR has been the topic of several recent research reports. The Goldman Sachs Group raised 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. Wells Fargo & Company reduced their price target 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. JPMorgan Chase & Co. reduced their price target on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Royal Bank Of Canada raised their price target on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Finally, UBS Group raised 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 research analyst has rated the stock with a sell rating, one has assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $18.33.

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.