State Street Corp Has $299.79 Million Stock Holdings in Permian Resources Co. (NYSE:PR)

State Street Corp grew its holdings in shares of Permian Resources Co. (NYSE:PR) by 6.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,027,153 shares of the company’s stock after buying an additional 1,263,460 shares during the quarter. State Street Corp’s holdings in Permian Resources were worth $299,790,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Simplicity Wealth LLC lifted its stake in Permian Resources by 5.2% during the 2nd quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after acquiring an additional 646 shares in the last quarter. Securian Asset Management Inc. boosted its holdings in Permian Resources by 8.0% during the second quarter. Securian Asset Management Inc. now owns 40,964 shares of the company’s stock worth $662,000 after purchasing an additional 3,048 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Permian Resources by 2.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 155,874 shares of the company’s stock worth $2,517,000 after purchasing an additional 4,459 shares in the last quarter. ORG Partners LLC increased its stake in Permian Resources by 2,972.3% in the 2nd quarter. ORG Partners LLC now owns 9,432 shares of the company’s stock valued at $152,000 after buying an additional 9,125 shares during the last quarter. Finally, Kessler Investment Group LLC bought a new position in shares of Permian Resources during the 2nd quarter worth approximately $361,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

Shares of PR opened at $14.78 on Wednesday. Permian Resources Co. has a 52-week low of $12.47 and a 52-week high of $18.28. The stock’s 50-day simple moving average is $14.64 and its 200 day simple moving average is $14.84. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $11.87 billion, a price-to-earnings ratio of 8.96, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 earnings per share. Research analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s payout ratio is 36.36%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company reduced their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. UBS Group reduced their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. The Goldman Sachs Group initiated coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 price target for the company. Finally, Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.93.

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.