Verdence Capital Advisors LLC Increases Position in Permian Resources Corporation (NYSE:PR)

Verdence Capital Advisors LLC grew its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 10.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Permian Resources by 0.5% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock worth $2,021,000 after buying an additional 662 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of Permian Resources by 30.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock worth $54,000 after purchasing an additional 921 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in Permian Resources by 8.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 13,355 shares of the company's stock valued at $192,000 after acquiring an additional 1,009 shares in the last quarter. Creative Financial Designs Inc. ADV raised its stake in Permian Resources by 1.8% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 64,181 shares of the company's stock valued at $889,000 after acquiring an additional 1,106 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its stake in shares of Permian Resources by 18.1% in the 1st quarter. SBI Securities Co. Ltd. now owns 7,331 shares of the company's stock worth $102,000 after buying an additional 1,122 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PR. Morgan Stanley dropped their target price on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Susquehanna lowered their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. UBS Group increased their price objective on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Royal Bank Of Canada lifted their target price on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. Finally, The Goldman Sachs Group lifted their target price on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.40.

Permian Resources Trading Up 3.4%

Shares of NYSE:PR traded up $0.45 during midday trading on Thursday, hitting $13.55. 11,646,115 shares of the stock traded hands, compared to its average volume of 9,784,831. The stock has a market capitalization of $10.89 billion, a PE ratio of 8.36 and a beta of 1.25. The business's 50 day moving average is $13.71 and its two-hundred day moving average is $13.61. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.42.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) 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 company had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter in the prior year, the firm earned $0.25 EPS. Permian Resources's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, research analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.43%. The ex-dividend date was Monday, June 16th. 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.