Bank of New York Mellon Corp Purchases 13,483,136 Shares of Permian Resources Corporation $PR

Bank of New York Mellon Corp grew its position in Permian Resources Corporation (NYSE:PR) by 115.5% 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 25,153,702 shares of the company’s stock after purchasing an additional 13,483,136 shares during the quarter. Bank of New York Mellon Corp’s holdings in Permian Resources were worth $352,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Bridges Investment Management Inc. boosted its position in shares of Permian Resources by 37.5% in the fourth quarter. Bridges Investment Management Inc. now owns 16,368 shares of the company’s stock worth $230,000 after purchasing an additional 4,468 shares during the period. GW Henssler & Associates Ltd. boosted its position in shares of Permian Resources by 11.1% during the fourth quarter. GW Henssler & Associates Ltd. now owns 13,857 shares of the company’s stock worth $194,000 after acquiring an additional 1,390 shares during the last quarter. Waterloo Capital L.P. boosted its position in shares of Permian Resources by 3.1% during the fourth quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock worth $305,000 after acquiring an additional 657 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Permian Resources by 578.3% during the fourth quarter. BNP Paribas Financial Markets now owns 1,168,396 shares of the company’s stock worth $16,393,000 after acquiring an additional 996,138 shares during the last quarter. Finally, Impact Partnership Wealth LLC bought a new position in shares of Permian Resources during the fourth quarter worth $218,000. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Raymond James Financial reiterated a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a research report on Thursday, February 26th. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a research report on Friday, March 27th. Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a research note on Monday, May 25th. Finally, BMO Capital Markets raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average target price of $22.69.

Permian Resources Stock Down 0.2%

Shares of Permian Resources stock opened at $20.15 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The firm’s 50-day moving average is $20.54 and its two-hundred day moving average is $17.53. The stock has a market cap of $16.87 billion, a price-to-earnings ratio of 23.43 and a beta of 0.48.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the business earned $0.44 EPS. The firm’s quarterly revenue was up .9% on a year-over-year basis. As a group, research analysts expect that Permian Resources Corporation will post 2 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

Insider Activity

In related news, Director Jeffrey Tepper sold 50,000 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the completion of the transaction, the director directly owned 150,546 shares of the company’s stock, valued at $2,917,581.48. This trade represents a 24.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares of the company’s stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,438,198 shares of company stock valued at $27,865,280 over the last 90 days. 5.00% of the stock is currently owned by corporate insiders.

Permian Resources 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.