Victory Capital Management Inc. Boosts Stake in Permian Resources Corporation (NYSE:PR)

Victory Capital Management Inc. increased its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 10.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 3,037,172 shares of the company's stock after purchasing an additional 280,614 shares during the period. Victory Capital Management Inc. owned approximately 0.38% of Permian Resources worth $42,065,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. OneDigital Investment Advisors LLC lifted its holdings in Permian Resources by 19.2% during the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock worth $267,000 after buying an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Permian Resources by 12.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock worth $444,000 after buying an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. lifted its holdings in Permian Resources by 8.5% during the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock worth $393,000 after buying an additional 2,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in Permian Resources by 27.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock worth $425,000 after buying an additional 6,600 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in Permian Resources during the 1st quarter worth approximately $174,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analyst Ratings Changes

PR has been the topic of a number of analyst reports. Susquehanna reduced their price objective on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company lowered 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. 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 research note on Friday, May 16th. Morgan Stanley cut their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Finally, TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. One research analyst has rated the stock with a sell rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $18.40.

Permian Resources Price Performance

Shares of PR opened at $13.45 on Friday. 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 50 day moving average of $13.72 and a 200-day moving average of $13.60. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33. The stock has a market capitalization of $10.81 billion, a P/E ratio of 8.30 and a beta of 1.25.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The company's revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the company posted $0.25 earnings per share. As a group, equities research analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

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

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.

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