Bank of New York Mellon Corp Has $194.59 Million Position in Permian Resources Co. (NASDAQ:PR)

Bank of New York Mellon Corp grew its stake in Permian Resources Co. (NASDAQ:PR) by 59.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,048,597 shares of the company’s stock after buying an additional 4,497,184 shares during the quarter. Bank of New York Mellon Corp owned 1.56% of Permian Resources worth $194,585,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Permian Resources in the fourth quarter valued at about $353,683,000. Vanguard Group Inc. raised its holdings in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after buying an additional 19,847,358 shares during the last quarter. OnyxPoint Global Management LP bought a new position in Permian Resources in the 4th quarter valued at approximately $114,159,000. Massachusetts Financial Services Co. MA raised its holdings in Permian Resources by 96.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after buying an additional 6,464,093 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Permian Resources by 480.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after purchasing an additional 5,012,287 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

PR has been the subject of several research reports. Citigroup reduced their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Truist Financial boosted their price target on shares of Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Royal Bank of Canada restated an “outperform” rating and set a $20.00 target price on shares of Permian Resources in a research report on Monday, August 12th. BMO Capital Markets upgraded 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 report on Wednesday, July 3rd. Finally, Mizuho upped their price objective on Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Two research 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. According to data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.09 during trading on Monday, reaching $14.63. 5,059,111 shares of the stock traded hands, compared to its average volume of 10,119,661. The company has a market capitalization of $11.26 billion, a price-to-earnings ratio of 13.22, a P/E/G ratio of 0.60 and a beta of 4.37. The business has a fifty day simple moving average of $15.40 and a two-hundred day simple moving average of $15.98. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $1.25 billion during 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%. The firm’s revenue was up 99.9% on a year-over-year basis. During the same quarter last year, the business posted $0.27 earnings per share. Sell-side analysts expect that Permian Resources Co. will post 1.66 EPS for the current year.

Permian Resources Announces Dividend

The business 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 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Monday, August 19th. Permian Resources’s dividend payout ratio is presently 21.82%.

Permian Resources Company 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.