State of Alaska Department of Revenue Acquires 2,410 Shares of Permian Resources Corporation (NYSE:PR)

State of Alaska Department of Revenue boosted its position in shares of Permian Resources Corporation (NYSE:PR) by 3.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 74,965 shares of the company’s stock after buying an additional 2,410 shares during the quarter. State of Alaska Department of Revenue’s holdings in Permian Resources were worth $1,038,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Securities Inc. grew its position in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after buying an additional 852 shares during the period. Sanctuary Advisors LLC grew its position in shares of Permian Resources by 4.0% in the 4th quarter. Sanctuary Advisors LLC now owns 49,310 shares of the company’s stock worth $742,000 after buying an additional 1,907 shares during the period. D.A. Davidson & CO. grew its position in shares of Permian Resources by 42.5% in the 4th quarter. D.A. Davidson & CO. now owns 14,262 shares of the company’s stock worth $205,000 after buying an additional 4,252 shares during the period. Atria Wealth Solutions Inc. purchased a new stake in shares of Permian Resources in the 4th quarter worth about $149,000. Finally, Global Retirement Partners LLC grew its position in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after purchasing an additional 1,232 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. Royal Bank Of Canada increased their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Friday, May 16th. Raymond James Financial reissued a “strong-buy” rating and set a $23.00 price objective (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. The Goldman Sachs Group increased their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, May 16th. Morgan Stanley dropped their price target on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Finally, Piper Sandler dropped their price target on shares of Permian Resources from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Permian Resources Stock Up 1.6%

Shares of PR opened at $13.93 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. The firm has a fifty day moving average price of $13.16 and a 200-day moving average price of $13.63. The firm has a market capitalization of $11.19 billion, a P/E ratio of 8.60 and a beta of 1.24. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.95.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The business’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Equities research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.31%. Permian Resources’s dividend payout ratio is presently 37.04%.

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.