Park Avenue Securities LLC Has $283,000 Position in Permian Resources Co. (NYSE:PR)

Park Avenue Securities LLC raised its stake in shares of Permian Resources Co. (NYSE:PR) by 55.0% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 20,457 shares of the company’s stock after purchasing an additional 7,262 shares during the period. Park Avenue Securities LLC’s holdings in Permian Resources were worth $283,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PR. Charles Schwab Investment Management Inc. grew its stake in shares of Permian Resources by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock valued at $62,407,000 after buying an additional 176,320 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock valued at $3,881,000 after purchasing an additional 72,726 shares during the last quarter. Channing Capital Management LLC lifted its holdings in shares of Permian Resources by 286.1% during the fourth quarter. Channing Capital Management LLC now owns 620,138 shares of the company’s stock valued at $8,918,000 after purchasing an additional 459,516 shares during the last quarter. M&T Bank Corp raised its holdings in Permian Resources by 60.9% in the 4th quarter. M&T Bank Corp now owns 53,742 shares of the company’s stock worth $773,000 after acquiring an additional 20,340 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in Permian Resources by 93.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,634 shares of the company’s stock worth $51,000 after acquiring an additional 1,751 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

NYSE:PR opened at $14.95 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average price of $12.61 and a two-hundred day moving average price of $13.66. Permian Resources Co. has a twelve month low of $10.01 and a twelve month high of $16.95. The company has a market capitalization of $12.01 billion, a P/E ratio of 9.06, a price-to-earnings-growth ratio of 4.05 and a beta of 1.24.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 earnings per share. As a group, research analysts expect that Permian Resources Co. will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.01%. Permian Resources’s dividend payout ratio is presently 37.04%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Piper Sandler lowered their target price on shares of Permian Resources from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Morgan Stanley lowered their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Finally, Bank of America lifted their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the company a “buy” rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.56.

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.