Fifth Third Wealth Advisors LLC Purchases New Shares in Permian Resources Co. (NASDAQ:PR)

Fifth Third Wealth Advisors LLC purchased a new stake in shares of Permian Resources Co. (NASDAQ:PR) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 14,887 shares of the company’s stock, valued at approximately $240,000.

A number of other large investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new position in Permian Resources during the 1st quarter valued at $25,000. YHB Investment Advisors Inc. bought a new position in shares of Permian Resources in the 1st quarter worth about $26,000. Rise Advisors LLC bought a new position in shares of Permian Resources in the 1st quarter worth about $32,000. Transcendent Capital Group LLC bought a new position in shares of Permian Resources in the 1st quarter worth about $36,000. Finally, Parallel Advisors LLC lifted its position in shares of Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on PR shares. Mizuho raised their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Truist Financial lifted their price objective on shares of Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Piper Sandler lowered their price objective on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research note on Wednesday, July 3rd. Finally, Susquehanna lowered their price objective on shares of Permian Resources from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.00.

Permian Resources Price Performance

Shares of NASDAQ PR traded down $0.07 during mid-day trading on Thursday, reaching $14.11. The company had a trading volume of 1,012,114 shares, compared to its average volume of 10,138,183. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The firm has a market cap of $11.32 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 0.60 and a beta of 4.37. The business’s 50-day simple moving average is $15.43 and its 200 day simple moving average is $15.95.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. Permian Resources’s revenue was up 99.9% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. On average, research analysts predict that Permian Resources Co. will post 1.66 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date is Monday, August 19th. Permian Resources’s payout ratio is 21.82%.

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.