Allianz Asset Management GmbH Invests $143,000 in Permian Resources Corporation (NYSE:PR)

Allianz Asset Management GmbH bought a new position in Permian Resources Corporation (NYSE:PR) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 10,359 shares of the company’s stock, valued at approximately $143,000.

Several other large investors have also added to or reduced their stakes in the business. Allworth Financial LP grew its stake in Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock valued at $29,000 after purchasing an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC purchased a new position in shares of Permian Resources in the 1st quarter worth about $30,000. RE Dickinson Investment Advisors LLC bought a new position in Permian Resources during the fourth quarter valued at about $41,000. Tsfg LLC bought a new position in Permian Resources during the first quarter valued at about $46,000. Finally, Hexagon Capital Partners LLC increased its holdings in 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. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PR. Raymond James Financial reissued a “strong-buy” rating and set a $23.00 target price (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Wells Fargo & Company dropped their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Monday, June 16th. UBS Group increased their price objective on Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a report on Monday, May 12th. Piper Sandler raised their target price on Permian Resources from $19.00 to $20.00 and gave the stock an “overweight” rating in a research report on Thursday, July 17th. Finally, Susquehanna upped their price target on Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources has a consensus rating of “Buy” and a consensus target price of $18.47.

Permian Resources Trading Up 0.2%

Shares of PR stock opened at $13.68 on Tuesday. The company has a market capitalization of $10.99 billion, a PE ratio of 8.44 and a beta of 1.32. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The business’s fifty day moving average is $13.84 and its 200 day moving average is $13.47. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.86 and a current ratio of 0.86.

Permian Resources (NYSE:PR) last released its quarterly earnings results 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 business had revenue of $1.38 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 EPS. On average, equities research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders 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 4.4%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources’s payout ratio is currently 37.04%.

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.