Permian Resources Corporation $PR Shares Acquired by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC increased its stake in Permian Resources Corporation by 69.9%, acquiring over 620,000 shares valued at approximately $8.6 million.
• The company reported earnings of $0.27 per share, meeting analysts' expectations, although revenue decreased by 3.9% year-over-year.
• Permian Resources announced a quarterly dividend of $0.15 per share, yielding 4.3%, with the ex-dividend date set for September 16th.

MetLife Investment Management LLC lifted its position in Permian Resources Corporation (NYSE:PR - Free Report) by 69.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 620,347 shares of the company's stock after purchasing an additional 255,150 shares during the period. MetLife Investment Management LLC owned about 0.08% of Permian Resources worth $8,592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. OneDigital Investment Advisors LLC lifted its stake in shares of Permian Resources by 19.2% in the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock valued at $267,000 after purchasing an additional 3,107 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Permian Resources by 12.4% in 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 period. Crossmark Global Holdings Inc. lifted its stake in shares of Permian Resources by 8.5% in the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock valued at $393,000 after purchasing an additional 2,215 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake 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 valued at $425,000 after purchasing an additional 6,600 shares during the period. Finally, Vontobel Holding Ltd. acquired a new position in shares of Permian Resources in the 1st quarter valued at $174,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Piper Sandler boosted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Wall Street Zen cut shares of Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. UBS Group upped their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. The Goldman Sachs Group upped their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, Morgan Stanley upped their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $18.53.

Permian Resources Stock Performance

NYSE:PR opened at $13.88 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The company has a fifty day moving average of $13.78 and a two-hundred day moving average of $13.31. The stock has a market capitalization of $11.11 billion, a PE ratio of 9.01 and a beta of 1.32. 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 released its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The company's revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, research analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.3%. Permian Resources's dividend payout ratio is presently 38.96%.

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.

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