Permian Resources Corporation (NYSE:PR) Stock Position Increased by Prudential PLC

Key Points

• Prudential PLC significantly increased its position in Permian Resources Corporation by 1,913.4% during the 1st quarter, holding $5.52 million worth of shares.
• Permian Resources Corporation recently announced a quarterly dividend of $0.15 per share, representing a 4.5% yield.
• Analyst ratings for the company vary, with the consensus rating at "Moderate Buy" and an average price target of $18.53.

Prudential PLC grew its position in Permian Resources Corporation (NYSE:PR - Free Report) by 1,913.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 398,863 shares of the company's stock after buying an additional 379,053 shares during the period. Prudential PLC's holdings in Permian Resources were worth $5,524,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP grew its stake in shares of Permian Resources by 376.7% in the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after acquiring an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in Permian Resources in the first quarter valued at $30,000. Tsfg LLC acquired a new position in Permian Resources in the first quarter valued at $46,000. Hexagon Capital Partners LLC increased its stake in shares of Permian Resources by 30.8% during the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock worth $54,000 after acquiring an additional 921 shares during the period. Finally, SouthState Corp acquired a new position in shares of Permian Resources during the first quarter worth about $55,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Piper Sandler upped their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Susquehanna upped their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. The Goldman Sachs Group increased 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 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. Finally, TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Two investment analysts have rated the stock with a sell rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Permian Resources currently has an average rating of "Moderate Buy" and an average price target of $18.53.

Permian Resources Stock Down 1.0%

PR traded down $0.13 during trading hours on Friday, reaching $13.45. 10,709,561 shares of the stock traded hands, compared to its average volume of 10,627,210. The company has a market cap of $10.81 billion, a price-to-earnings ratio of 8.73 and a beta of 1.32. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The firm's fifty day simple moving average is $13.91 and its two-hundred day simple moving average is $13.37.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period last year, the business earned $0.39 EPS. The firm's revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, 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 declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio (DPR) 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.