Envestnet Asset Management Inc. Has $11.68 Million Holdings in Permian Resources Corporation (NYSE:PR)

Envestnet Asset Management Inc. raised its position in Permian Resources Corporation (NYSE:PR) by 29.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 843,407 shares of the company’s stock after buying an additional 193,699 shares during the period. Envestnet Asset Management Inc. owned 0.10% of Permian Resources worth $11,681,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its stake in shares of Permian Resources by 30.8% during the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company’s stock worth $54,000 after buying an additional 921 shares during the last quarter. Penserra Capital Management LLC increased its stake in Permian Resources by 32.6% in the first quarter. Penserra Capital Management LLC now owns 34,587 shares of the company’s stock valued at $479,000 after purchasing an additional 8,498 shares in the last quarter. World Investment Advisors bought a new stake in Permian Resources in the first quarter valued at approximately $144,000. Brookstone Capital Management bought a new stake in Permian Resources in the first quarter valued at approximately $1,743,000. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its stake in Permian Resources by 4.2% in the first quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 192,790 shares of the company’s stock valued at $2,670,000 after purchasing an additional 7,755 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

NYSE PR opened at $13.45 on Friday. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The company has a market cap of $10.81 billion, a PE ratio of 8.30 and a beta of 1.25. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. The firm’s 50-day simple moving average is $13.72 and its two-hundred day simple moving average is $13.60.

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

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources’s payout ratio is 37.04%.

Analyst Upgrades and Downgrades

PR has been the subject of several recent research reports. Piper Sandler increased their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday. Raymond James Financial restated a “strong-buy” rating and set a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Morgan Stanley cut their price target 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. Royal Bank Of Canada increased their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, May 16th. Finally, Susquehanna cut their price target on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $18.40.

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.