Phocas Financial Corp. Decreases Stock Position in Permian Resources Corporation (NYSE:PR)

Key Points

• Phocas Financial Corp. has decreased its stake in Permian Resources Corporation by 6.4%, now holding approximately 0.06% of the company, valued at $6.27 million.
• Despite the decline in ownership by some investors, Allworth Financial LP dramatically increased its stake by 376.7% in the same period, highlighting varied institutional investor strategies.
• Permian Resources recently declared a $0.15 quarterly dividend, reflecting a 4.4% yield, alongside reported quarterly earnings showing a net revenue increase of 10.7% year-over-year.

Phocas Financial Corp. lessened its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 6.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 452,832 shares of the company's stock after selling 30,835 shares during the quarter. Phocas Financial Corp. owned 0.06% of Permian Resources worth $6,272,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its stake in Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after buying an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Permian Resources in the fourth quarter valued at approximately $431,676,000. Dimensional Fund Advisors LP boosted its stake in shares of Permian Resources by 55.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after purchasing an additional 4,236,141 shares during the period. Geode Capital Management LLC boosted its stake in shares of Permian Resources by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 11,110,824 shares of the company's stock valued at $159,823,000 after purchasing an additional 168,887 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Permian Resources by 9.8% in the fourth quarter. Renaissance Technologies LLC now owns 10,809,247 shares of the company's stock valued at $155,437,000 after purchasing an additional 966,400 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PR shares. UBS Group lifted their price target on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Susquehanna raised their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a report on Wednesday, July 23rd. Bank of America raised their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Finally, Wells Fargo & Company cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. One analyst has rated the stock with a sell rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $18.47.

Permian Resources Stock Performance

NYSE:PR traded up $0.20 during midday trading on Wednesday, reaching $13.91. The stock had a trading volume of 3,990,131 shares, compared to its average volume of 10,019,102. The firm has a fifty day simple moving average of $13.86 and a two-hundred day simple moving average of $13.48. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.33. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. The stock has a market cap of $11.17 billion, a P/E ratio of 8.58 and a beta of 1.32.

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

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.