Russell Investments Group Ltd. Has $26.18 Million Stock Position in Permian Resources Corporation $PR

Key Points

• Russell Investments Group Ltd. increased its stake in Permian Resources Corporation by 9.2%, owning approximately 1.9 million shares valued at $26.18 million as of the end of the first quarter.
• Permian Resources announced a quarterly dividend of $0.15 per share, representing an annualized yield of 4.5%, with the ex-dividend date on September 16th.
• Despite a recent earnings report meeting expectations, Permian Resources experienced a revenue decline of 3.9% year-over-year, with projected earnings of $1.45 per share for the current year.

Russell Investments Group Ltd. raised its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 9.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,900,014 shares of the company's stock after acquiring an additional 160,776 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.24% of Permian Resources worth $26,183,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on PR shares. Piper Sandler increased their price objective on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. The Goldman Sachs Group raised their price objective on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. TD Cowen upgraded Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Susquehanna increased their price objective on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a report on Wednesday, July 23rd. Finally, Bank of America raised their target price on Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $18.53.

Permian Resources Price Performance

Shares of PR traded up $0.0050 on Thursday, hitting $13.3150. The company's stock had a trading volume of 2,113,017 shares, compared to its average volume of 10,112,305. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The company has a 50 day moving average price of $13.86 and a 200 day moving average price of $13.34. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The company has a market capitalization of $10.66 billion, a PE ratio of 8.65 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last posted 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 firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter in the previous year, the company posted $0.39 EPS. Permian Resources's revenue was down 3.9% on a year-over-year basis. On average, research analysts anticipate 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. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.5%. Permian Resources's payout ratio is presently 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.