First Trust Advisors LP Buys 348,458 Shares of Permian Resources Corporation $PR

First Trust Advisors LP increased its position in shares of Permian Resources Corporation (NYSE:PR) by 13.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,854,877 shares of the company’s stock after buying an additional 348,458 shares during the quarter. First Trust Advisors LP’s holdings in Permian Resources were worth $38,883,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Permian Resources by 154.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after purchasing an additional 1,391 shares in the last quarter. Keystone Global Partners LLC bought a new position in Permian Resources in the first quarter worth $36,000. FNY Investment Advisers LLC acquired a new stake in Permian Resources during the second quarter worth $36,000. Parkside Financial Bank & Trust increased its holdings in Permian Resources by 90.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after buying an additional 1,357 shares during the period. Finally, Brooklyn Investment Group raised its stake in shares of Permian Resources by 433.9% in the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock valued at $43,000 after buying an additional 2,534 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of PR stock opened at $14.82 on Wednesday. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.03. The stock has a market capitalization of $12.29 billion, a PE ratio of 13.59 and a beta of 0.70. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The stock’s fifty day moving average is $13.23 and its 200-day moving average is $13.56.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the firm earned $0.53 earnings per share. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities research analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Wednesday, December 17th. Permian Resources’s dividend payout ratio is presently 55.05%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PR. UBS Group lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Mizuho decreased their price objective on Permian Resources from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Piper Sandler lowered their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Scotiabank assumed coverage on Permian Resources in a research report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 target price for the company. Finally, Raymond James Financial lowered their price target on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and an average price target of $18.80.

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.