Federated Hermes Inc. Raises Holdings in Permian Resources Co. (NASDAQ:PR)

Federated Hermes Inc. boosted its stake in shares of Permian Resources Co. (NASDAQ:PR - Free Report) by 352.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,786 shares of the company's stock after purchasing an additional 120,594 shares during the quarter. Federated Hermes Inc.'s holdings in Permian Resources were worth $2,105,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale acquired a new position in Permian Resources in the 4th quarter valued at $33,000. Clearstead Advisors LLC bought a new position in Permian Resources during the third quarter worth about $45,000. Optimum Investment Advisors bought a new position in Permian Resources during the fourth quarter worth about $50,000. Fifth Third Bancorp boosted its holdings in Permian Resources by 1,290.7% in the 4th quarter. Fifth Third Bancorp now owns 4,172 shares of the company's stock valued at $57,000 after purchasing an additional 3,872 shares during the period. Finally, Tucker Asset Management LLC acquired a new position in shares of Permian Resources during the 3rd quarter worth approximately $60,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Citigroup boosted their price target on Permian Resources from $17.00 to $19.00 and gave the company a "buy" rating in a research note on Friday, March 1st. Stifel Nicolaus upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, March 22nd. Benchmark reissued a "buy" rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Tuesday, April 23rd. Truist Financial upped their target price on Permian Resources from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, April 22nd. Finally, Wells Fargo & Company boosted their price target on Permian Resources from $18.00 to $21.00 and gave the stock an "overweight" rating in a report on Wednesday, April 17th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $19.31.

Permian Resources Trading Up 0.9 %

Shares of NASDAQ:PR traded up $0.16 during midday trading on Monday, reaching $17.54. The company's stock had a trading volume of 4,990,990 shares, compared to its average volume of 9,256,024. The firm has a 50 day moving average price of $16.75 and a two-hundred day moving average price of $14.73. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The firm has a market capitalization of $13.54 billion, a price-to-earnings ratio of 15.12 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PR - Get Free Report) last released its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. As a group, analysts forecast that Permian Resources Co. will post 1.66 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.14%. The ex-dividend date was Tuesday, March 12th. Permian Resources's payout ratio is currently 17.24%.

Insider Buying and Selling at Permian Resources

In related news, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares of the company's stock, valued at approximately $15,337,010.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the sale, the director now owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Brent P. Jensen sold 1,853 shares of the company's stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the transaction, the chief accounting officer now owns 1,047,610 shares of the company's stock, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,916,943 shares of company stock worth $516,796,999. 12.80% of the stock is owned by corporate insiders.

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.