Permian Resources Corporation $PR Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its holdings in Permian Resources Corporation (NYSE:PR) by 22.0% during the third quarter, HoldingsChannel reports. The firm owned 550,577 shares of the company’s stock after selling 155,465 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Permian Resources were worth $7,053,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Nordea Investment Management AB grew its holdings in Permian Resources by 70.1% in the second quarter. Nordea Investment Management AB now owns 490,311 shares of the company’s stock valued at $6,727,000 after purchasing an additional 202,026 shares during the last quarter. Friedenthal Financial purchased a new stake in shares of Permian Resources in the 2nd quarter worth about $871,000. American Century Companies Inc. lifted its stake in Permian Resources by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after buying an additional 1,863,632 shares in the last quarter. Cresset Asset Management LLC lifted its holdings in Permian Resources by 599.2% in the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock valued at $2,377,000 after purchasing an additional 149,548 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Permian Resources by 5.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 325,956 shares of the company’s stock worth $4,440,000 after acquiring an additional 18,081 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Down 1.6%

Permian Resources stock opened at $13.60 on Wednesday. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.03. 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 firm has a market cap of $11.27 billion, a PE ratio of 12.47 and a beta of 0.66. The firm’s 50 day moving average price is $13.88 and its two-hundred day moving average price is $13.61.

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

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.4%. Permian Resources’s dividend payout ratio (DPR) is currently 55.05%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PR shares. Piper Sandler reduced their price target 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. UBS Group boosted their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a research report on Thursday, November 20th. Royal Bank Of Canada increased their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Finally, Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.07.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.