Vanguard Group Inc. Sells 441,146 Shares of Permian Resources Corporation (NYSE:PR)

Key Points

• Vanguard Group Inc. reduced its stake in Permian Resources Corporation by 0.7%, selling 441,146 shares, and now holds 65,239,461 shares valued at approximately $903.57 million.
• Permian Resources announced a quarterly dividend of $0.15, which represents an annualized yield of 4.6% and a payout ratio of 38.96%.
• According to analysts, Permian Resources has an average price target of $18.47 and is rated as a "Moderate Buy", with multiple firms raising their target prices for the stock.

Vanguard Group Inc. lessened its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 0.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,239,461 shares of the company's stock after selling 441,146 shares during the quarter. Vanguard Group Inc. owned 8.12% of Permian Resources worth $903,567,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Allworth Financial LP boosted its stake in shares of Permian Resources by 376.7% during the 1st 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 stake in Permian Resources during the 1st quarter valued at $30,000. Tsfg LLC acquired a new stake in Permian Resources during the 1st quarter valued at $46,000. Hexagon Capital Partners LLC grew its holdings in Permian Resources by 30.8% during the 1st 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 during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Permian Resources by 114.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 4,453 shares of the company's stock valued at $62,000 after buying an additional 2,374 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on PR. The Goldman Sachs Group increased their target price on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. Wells Fargo & Company increased their price target on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday. TD Cowen raised Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Raymond James Financial reissued a "strong-buy" rating and set a $23.00 price target (up previously from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. Finally, Bank of America increased their price target on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Two research analysts have 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, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.53.

Permian Resources Price Performance

Shares of NYSE PR traded down $0.11 during mid-day trading on Friday, reaching $13.48. 6,292,392 shares of the company traded hands, compared to its average volume of 10,131,466. 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 debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a market cap of $10.83 billion, a PE ratio of 8.75 and a beta of 1.32. The stock has a fifty day simple moving average of $13.91 and a 200-day simple moving average of $13.38.

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

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.5%. Permian Resources's dividend payout ratio (DPR) is 38.96%.

About Permian Resources

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.