First Trust Advisors LP Has $38.88 Million Stake in Permian Resources Corporation $PR

First Trust Advisors LP increased its stake in shares of Permian Resources Corporation (NYSE:PR) by 13.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,854,877 shares of the company’s stock after purchasing an additional 348,458 shares during the quarter. First Trust Advisors LP owned approximately 0.36% of Permian Resources worth $38,883,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Nuveen LLC acquired a new position in Permian Resources in the 1st quarter valued at approximately $175,525,000. Bank of New York Mellon Corp grew its holdings in shares of Permian Resources by 86.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after acquiring an additional 11,133,354 shares in the last quarter. Boston Partners acquired a new position in shares of Permian Resources in the second quarter worth $134,119,000. Alyeska Investment Group L.P. raised its holdings in shares of Permian Resources by 300.3% during the first quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company’s stock worth $80,787,000 after acquiring an additional 4,375,930 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Permian Resources by 56.7% during the first quarter. Millennium Management LLC now owns 7,578,553 shares of the company’s stock worth $104,963,000 after acquiring an additional 2,743,272 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 $14.82 on Wednesday. The stock has a 50-day simple moving average of $13.23 and a 200 day simple moving average of $13.56. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.03. The stock has a market capitalization of $12.29 billion, a PE ratio of 13.59 and a beta of 0.70. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the business earned $0.53 EPS. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. Research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.0%. Permian Resources’s payout ratio is 55.05%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PR. Royal Bank Of Canada upped their target price on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Wells Fargo & Company lowered their price target on Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Scotiabank assumed coverage on shares of Permian Resources in a research note on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 target price for the company. Wall Street Zen raised shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Piper Sandler dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.80.

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.