US Bancorp DE Raises Stock Position in Permian Resources Corporation (NYSE:PR)

US Bancorp DE lifted its stake in shares of Permian Resources Corporation (NYSE:PR) by 54.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 31,902 shares of the company’s stock after acquiring an additional 11,279 shares during the quarter. US Bancorp DE’s holdings in Permian Resources were worth $442,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Allworth Financial LP boosted its stake in shares of Permian Resources by 376.7% during the first 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 in the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of Permian Resources during the first quarter valued at approximately $30,000. Tsfg LLC bought a new position in shares of Permian Resources during the first quarter valued at approximately $46,000. Hexagon Capital Partners LLC boosted 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 valued at $54,000 after purchasing an additional 921 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Permian Resources by 114.2% during the first quarter. Nisa Investment Advisors LLC now owns 4,453 shares of the company’s stock valued at $62,000 after purchasing an additional 2,374 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Trading Up 3.0%

NYSE:PR opened at $13.38 on Wednesday. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. The firm has a fifty day simple moving average of $13.90 and a 200-day simple moving average of $13.39. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $10.75 billion, a P/E ratio of 8.69 and a beta of 1.32.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the firm posted $0.39 earnings per share. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. On average, equities research analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Tuesday, September 16th. Permian Resources’s payout ratio is presently 38.96%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a research note on Monday, July 7th. The Goldman Sachs Group raised their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Piper Sandler raised their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $23.00 target price (up from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. Two analysts have rated the stock with a sell rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.47.

About Permian Resources

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.