Ramirez Asset Management Inc. Buys 56,900 Shares of Permian Resources Corporation $PR

Key Points

• Ramirez Asset Management Inc. increased its stake in Permian Resources Corporation by 51.8%, acquiring an additional 56,900 shares for a total of 166,800 shares valued at approximately $2.27 million.
• Institutional investors collectively own 91.84% of Permian Resources, with several funds significantly increasing their holdings during the first quarter.
• Analysts have mixed views on the stock, with a current average price target of $18.69 and ratings ranging from "Strong Buy" to "Sell."

Ramirez Asset Management Inc. grew its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 51.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 166,800 shares of the company's stock after acquiring an additional 56,900 shares during the period. Ramirez Asset Management Inc.'s holdings in Permian Resources were worth $2,272,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of PR. GAMMA Investing LLC raised its stake in shares of Permian Resources by 1,340.4% in the first quarter. GAMMA Investing LLC now owns 92,269 shares of the company's stock worth $1,278,000 after acquiring an additional 85,863 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Permian Resources by 37.2% in the first quarter. UMB Bank n.a. now owns 6,175 shares of the company's stock worth $86,000 after acquiring an additional 1,675 shares during the last quarter. Park Avenue Securities LLC raised its stake in shares of Permian Resources by 55.0% in the first quarter. Park Avenue Securities LLC now owns 20,457 shares of the company's stock worth $283,000 after acquiring an additional 7,262 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Permian Resources by 129.3% in the first quarter. SG Americas Securities LLC now owns 58,986 shares of the company's stock worth $817,000 after acquiring an additional 33,258 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Permian Resources by 21.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 179,769 shares of the company's stock worth $2,490,000 after acquiring an additional 31,812 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on PR. Raymond James Financial dropped their target price on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a research note on Tuesday, September 2nd. UBS Group boosted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Piper Sandler boosted their price target on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Royal Bank Of Canada boosted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Morgan Stanley boosted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of "Buy" and an average price target of $18.69.

Insider Activity at Permian Resources

In other news, EVP John Charles Bell sold 4,743 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the transaction, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the transaction, the executive vice president owned 91,805 shares of the company's stock, valued at $1,305,467.10. This trade represents a 4.91% decrease in their position. The disclosure for this sale can be found here. 6.44% of the stock is owned by corporate insiders.

Permian Resources Stock Down 2.0%

Shares of NYSE PR opened at $12.79 on Friday. The stock has a market cap of $10.23 billion, a P/E ratio of 8.30 and a beta of 1.32. The firm has a 50 day moving average price of $13.51 and a 200 day moving average price of $13.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33.

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

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Tuesday, September 16th. Permian Resources's dividend payout ratio is 38.96%.

Permian Resources Company 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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