First Trust Advisors LP Boosts Stock Position in Permian Resources Corporation $PR

First Trust Advisors LP lifted its holdings in shares of Permian Resources Corporation (NYSE:PR) by 66.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,564,528 shares of the company’s stock after buying an additional 2,224,560 shares during the quarter. First Trust Advisors LP owned approximately 0.67% of Permian Resources worth $118,636,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its stake in Permian Resources by 31.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 108,191 shares of the company’s stock valued at $2,307,000 after acquiring an additional 26,079 shares during the period. Parallel Advisors LLC increased its holdings in Permian Resources by 10.1% in the 1st quarter. Parallel Advisors LLC now owns 12,153 shares of the company’s stock worth $259,000 after acquiring an additional 1,110 shares in the last quarter. KBC Group NV raised its position in Permian Resources by 24.1% during the first quarter. KBC Group NV now owns 22,745 shares of the company’s stock worth $485,000 after acquiring an additional 4,415 shares during the period. Swiss National Bank raised its position in Permian Resources by 0.4% during the first quarter. Swiss National Bank now owns 1,399,448 shares of the company’s stock worth $29,836,000 after acquiring an additional 5,300 shares during the period. Finally, Hanseatic Management Services Inc. purchased a new position in Permian Resources during the first quarter valued at $284,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the transaction, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.00% of the company’s stock.

Permian Resources Stock Down 0.2%

NYSE PR opened at $21.35 on Friday. The business’s fifty day simple moving average is $19.50 and its 200-day simple moving average is $18.75. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The firm has a market cap of $17.88 billion, a PE ratio of 24.83 and a beta of 0.46. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the firm posted $0.44 earnings per share. Permian Resources’s quarterly revenue was up .9% on a year-over-year basis. As a group, equities analysts anticipate that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources’s payout ratio is presently 74.42%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Evercore initiated coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 target price for the company. Citigroup decreased their price target on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Zacks Research cut Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Mizuho boosted their price objective on Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Truist Financial reduced their target price on Permian Resources from $25.00 to $22.00 and set a “buy” rating for the company in a report on Monday, July 13th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $23.29.

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.