Victory Capital Management Inc. Increases Stock Position in Permian Resources Corporation (NYSE:PR)

Victory Capital Management Inc. boosted its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 10.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,037,172 shares of the company's stock after purchasing an additional 280,614 shares during the quarter. Victory Capital Management Inc. owned about 0.38% of Permian Resources worth $42,065,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources during the fourth quarter valued at $431,676,000. Price T Rowe Associates Inc. MD grew its stake in Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after acquiring an additional 12,306,854 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after acquiring an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP purchased a new position in Permian Resources during the fourth quarter valued at $57,114,000. Finally, Invesco Ltd. grew its stake in Permian Resources by 56.1% during the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock valued at $113,900,000 after acquiring an additional 2,845,449 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Analysts Set New Price Targets

PR has been the subject of a number of recent research reports. UBS Group lifted their target price on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Raymond James Financial reiterated a "strong-buy" rating and issued a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Royal Bank Of Canada lifted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. Morgan Stanley dropped their price target on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Finally, Susquehanna lifted their price target on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research note on Wednesday. One equities 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 stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of "Buy" and a consensus target price of $18.47.

Permian Resources Stock Up 0.3%

Shares of NYSE PR traded up $0.03 during trading hours on Wednesday, hitting $13.52. 8,158,306 shares of the stock were exchanged, compared to its average volume of 9,817,854. 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 12 month low of $10.01 and a 12 month high of $16.33. The company has a market cap of $10.87 billion, a PE ratio of 8.35 and a beta of 1.25. The firm has a fifty day moving average price of $13.70 and a 200-day moving average price of $13.57.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 analyst estimates of $1.37 billion. During the same quarter in the previous year, the company posted $0.25 EPS. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.44%. The ex-dividend date was Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is currently 37.04%.

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.