Oliver Luxxe Assets LLC Buys 31,388 Shares of Permian Resources Corporation $PR

Key Points

• Oliver Luxxe Assets LLC has increased its position in Permian Resources Corporation by 21.1%, owning 179,844 shares valued at approximately $2.49 million.
• Research analysts have shown optimism for Permian Resources, with upgrades in ratings and price targets from multiple firms, resulting in a current consensus rating of "Buy" and a target price of $18.53.
• The company recently announced a quarterly dividend of $0.15 per share, yielding 4.4% annually, with the payment scheduled for September 30th.

Oliver Luxxe Assets LLC grew its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 21.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 179,844 shares of the company's stock after purchasing an additional 31,388 shares during the period. Oliver Luxxe Assets LLC's holdings in Permian Resources were worth $2,491,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC increased its stake in Permian Resources by 19.2% in the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock worth $267,000 after buying an additional 3,107 shares during the period. Janney Montgomery Scott LLC lifted its stake in Permian Resources by 12.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock worth $444,000 after purchasing an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. raised its holdings in 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 buying an additional 2,215 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in shares of Permian Resources by 27.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock worth $425,000 after acquiring an additional 6,600 shares in the last quarter. Finally, Vontobel Holding Ltd. purchased a new stake in Permian Resources during the first quarter worth approximately $174,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Trading Up 2.2%

Shares of NYSE:PR traded up $0.32 during trading on Thursday, hitting $14.47. 6,918,320 shares of the company's stock were exchanged, compared to its average volume of 10,111,662. The firm has a 50-day moving average price of $13.77 and a two-hundred day moving average price of $13.32. Permian Resources Corporation has a 1-year low of $10.01 and a 1-year high of $16.33. The firm has a market cap of $11.58 billion, a P/E ratio of 9.39 and a beta of 1.32. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting analysts' consensus estimates of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the prior year, the business posted $0.39 EPS. Permian Resources's revenue was down 3.9% on a year-over-year basis. Equities analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.1%. Permian Resources's dividend payout ratio is presently 38.96%.

Analysts Set New Price Targets

A number of research firms have weighed in on PR. Royal Bank Of Canada increased their price objective on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Bank of America increased their price target 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. TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Morgan Stanley lifted their target price on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Wall Street Zen cut shares of Permian Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Two equities research 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 data from MarketBeat, Permian Resources presently has a consensus rating of "Buy" and a consensus target price of $18.53.

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.