Zurcher Kantonalbank Zurich Cantonalbank Has $1.57 Million Stock Holdings in Permian Resources Co. (NASDAQ:PR)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Permian Resources Co. (NASDAQ:PR) by 110.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 115,089 shares of the company’s stock after purchasing an additional 60,474 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Permian Resources were worth $1,565,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PR. Tower Research Capital LLC TRC grew its stake in shares of Permian Resources by 317.9% in the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after acquiring an additional 18,398 shares during the last quarter. Zweig DiMenna Associates LLC grew its stake in shares of Permian Resources by 35.6% in the third quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company’s stock worth $6,998,000 after acquiring an additional 131,500 shares during the last quarter. Comerica Bank grew its stake in shares of Permian Resources by 110,645.5% in the third quarter. Comerica Bank now owns 946,874 shares of the company’s stock worth $13,218,000 after acquiring an additional 946,019 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Permian Resources by 7.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock worth $42,584,000 after acquiring an additional 210,870 shares during the last quarter. Finally, Raymond James & Associates grew its stake in shares of Permian Resources by 26.1% in the fourth quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock worth $8,624,000 after acquiring an additional 131,078 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Up 0.4 %

Shares of NASDAQ PR opened at $17.33 on Friday. The stock has a market cap of $13.38 billion, a PE ratio of 13.08 and a beta of 4.35. The business has a fifty day moving average of $16.63 and a two-hundred day moving average of $14.67. Permian Resources Co. has a 52-week low of $8.94 and a 52-week high of $18.28. 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) last released its quarterly 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. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. As a group, equities research analysts expect that Permian Resources Co. will post 1.66 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.15%. Permian Resources’s dividend payout ratio is 17.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PR shares. Benchmark restated a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Tuesday. Wells Fargo & Company raised their target price on Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Bank of America assumed coverage on Permian Resources in a research report on Friday, January 5th. They issued a “neutral” rating and a $15.00 target price for the company. Stifel Nicolaus raised their target price on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Citigroup raised their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.31.

Insider Activity at Permian Resources

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now directly owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William M. Hickey III sold 4,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $62,840,000.00. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last ninety days. 23.14% of the stock is owned by 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.