Principal Financial Group Inc. Increases Holdings in Permian Resources Co. (NASDAQ:PR)

Principal Financial Group Inc. raised its stake in shares of Permian Resources Co. (NASDAQ:PR) by 1.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,946,001 shares of the company’s stock after buying an additional 49,787 shares during the quarter. Principal Financial Group Inc. owned about 0.38% of Permian Resources worth $47,578,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PR. Global Retirement Partners LLC purchased a new position in Permian Resources during the first quarter valued at $25,000. YHB Investment Advisors Inc. purchased a new position in Permian Resources during the first quarter valued at $26,000. Parallel Advisors LLC raised its stake in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Permian Resources in the second quarter worth $30,000. Finally, Rise Advisors LLC purchased a new position in shares of Permian Resources in the first quarter worth $32,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PR. Benchmark restated a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Wednesday, August 7th. Susquehanna decreased their price target on Permian Resources from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research note on Wednesday, July 3rd. Wolfe Research assumed coverage on Permian Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Piper Sandler cut their price objective on Permian Resources from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Permian Resources Price Performance

NASDAQ:PR opened at $14.24 on Friday. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The business’s 50-day simple moving average is $15.30 and its two-hundred day simple moving average is $15.98. The stock has a market cap of $11.43 billion, a PE ratio of 12.95, a P/E/G ratio of 0.79 and a beta of 4.37. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 earnings per share. As a group, analysts forecast that Permian Resources Co. will post 1.63 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.69%. Permian Resources’s payout ratio is 21.82%.

Permian Resources Company 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.