Federated Hermes Inc. Has $2.11 Million Holdings in Permian Resources Co. (NASDAQ:PR)

Federated Hermes Inc. grew its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 352.7% in the 4th quarter, Holdings Channel reports. The fund owned 154,786 shares of the company’s stock after buying an additional 120,594 shares during the period. Federated Hermes Inc.’s holdings in Permian Resources were worth $2,105,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. State of Alaska Department of Revenue bought a new position in shares of Permian Resources in the 3rd quarter valued at $460,000. Commonwealth Equity Services LLC raised its position in Permian Resources by 12.4% in the third quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company’s stock valued at $326,000 after purchasing an additional 2,582 shares during the last quarter. Xponance Inc. raised its position in Permian Resources by 157.3% in the third quarter. Xponance Inc. now owns 38,530 shares of the company’s stock valued at $538,000 after purchasing an additional 23,555 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Permian Resources by 6.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock valued at $471,000 after purchasing an additional 2,063 shares in the last quarter. Finally, Affinity Wealth Management LLC grew its holdings in shares of Permian Resources by 9.5% during the third quarter. Affinity Wealth Management LLC now owns 292,034 shares of the company’s stock worth $4,077,000 after purchasing an additional 25,343 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PR shares. Raymond James assumed coverage on shares of Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a report on Friday, April 12th. Mizuho increased their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Wells Fargo & Company lifted their price objective on Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Truist Financial increased their target price on shares of Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.31.

Insider Activity at Permian Resources

In other news, CEO William M. Hickey III sold 4,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $62,840,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William M. Hickey III sold 4,000,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $62,840,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,916,943 shares of company stock valued at $516,796,999. 12.80% of the stock is owned by company insiders.

Permian Resources Trading Up 0.3 %

PR opened at $17.38 on Monday. The company has a fifty day moving average price of $16.69 and a two-hundred day moving average price of $14.70. Permian Resources Co. has a 1-year low of $8.94 and a 1-year high of $18.28. The company has a market cap of $13.41 billion, a P/E ratio of 13.17 and a beta of 4.35. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Analysts predict that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Dividend Announcement

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

Permian Resources Profile

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.