Verdence Capital Advisors LLC Purchases 28,330 Shares of Permian Resources Corporation (NYSE:PR)

Verdence Capital Advisors LLC lifted its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 10.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 305,106 shares of the company's stock after purchasing an additional 28,330 shares during the period. Verdence Capital Advisors LLC's holdings in Permian Resources were worth $4,226,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of PR. Allworth Financial LP grew its stake in Permian Resources by 376.7% during the 1st 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 in the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in Permian Resources during the 1st quarter valued at about $30,000. RE Dickinson Investment Advisors LLC purchased a new stake in Permian Resources during the 4th quarter valued at about $41,000. Tsfg LLC purchased a new stake in Permian Resources during the 1st quarter valued at about $46,000. Finally, Hexagon Capital Partners LLC grew its stake 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 acquiring an additional 921 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

PR has been the topic of several recent analyst reports. Bank of America boosted their target price on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Wells Fargo & Company reduced their target price 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. Piper Sandler raised their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday. The Goldman Sachs Group raised their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. Finally, Morgan Stanley reduced their price objective on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $18.40.

Permian Resources Stock Down 0.7%

Shares of PR traded down $0.10 during mid-day trading on Friday, reaching $13.45. The company's stock had a trading volume of 12,601,111 shares, compared to its average volume of 9,816,358. The business has a fifty day moving average of $13.72 and a 200 day moving average of $13.60. 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 company has a market cap of $10.81 billion, a price-to-earnings ratio of 8.30 and a beta of 1.25. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the business posted $0.25 EPS. Permian Resources's revenue was up 10.7% 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.46%. Permian Resources's dividend payout ratio is currently 37.04%.

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.