Sunbelt Securities Inc. Raises Position in Permian Resources Co. (NYSE:PR)

Sunbelt Securities Inc. grew its position in shares of Permian Resources Co. (NYSE:PR) by 33.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,192 shares of the company’s stock after buying an additional 800 shares during the quarter. Sunbelt Securities Inc.’s holdings in Permian Resources were worth $43,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in shares of Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after acquiring an additional 4,497,184 shares during the last quarter. Merewether Investment Management LP boosted its holdings in Permian Resources by 148.1% in the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after purchasing an additional 3,522,300 shares during the last quarter. Point72 Asset Management L.P. grew its position in Permian Resources by 16,359.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after purchasing an additional 3,451,923 shares during the period. Yaupon Capital Management LP raised its stake in Permian Resources by 225.0% during the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock valued at $51,016,000 after buying an additional 2,595,137 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after buying an additional 1,638,618 shares during the period. Institutional investors own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Truist Financial upped their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Benchmark lowered their price objective 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. Mizuho reduced their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Wells Fargo & Company dropped their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Price Performance

PR stock opened at $14.68 on Monday. 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 company’s fifty day moving average price is $14.67 and its 200-day moving average price is $14.82. Permian Resources Co. has a one year low of $12.59 and a one year high of $18.28. The company has a market capitalization of $11.79 billion, a PE ratio of 8.90, 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 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS. On average, equities analysts anticipate 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. Shareholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.09%. The ex-dividend date was Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

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.