Principal Financial Group Inc. Increases Position in Permian Resources Corporation $PR

Principal Financial Group Inc. increased its holdings in Permian Resources Corporation (NYSE:PR) by 1.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 4,733,183 shares of the company’s stock after buying an additional 85,509 shares during the period. Principal Financial Group Inc.’s holdings in Permian Resources were worth $100,911,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of PR. SHP Wealth Management purchased a new position in Permian Resources in the fourth quarter worth $27,000. SJS Investment Consulting Inc. raised its stake in shares of Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after purchasing an additional 1,341 shares during the period. Los Angeles Capital Management LLC bought a new stake in shares of Permian Resources during the 4th quarter worth $39,000. State of Wyoming boosted its holdings in shares of Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after buying an additional 1,640 shares during the last quarter. Finally, Cedar Mountain Advisors LLC purchased a new position in shares of Permian Resources in the 1st quarter worth about $48,000. 91.84% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PR. Scotiabank raised their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Raymond James Financial reduced their target price on shares of Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research report on Wednesday, June 17th. Morgan Stanley decreased their price target on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. Weiss Ratings cut shares of Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 12th. Finally, BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $23.24.

Permian Resources Stock Up 0.2%

PR opened at $19.62 on Thursday. The company has a 50 day moving average of $19.44 and a 200 day moving average of $18.48. The company has a market cap of $16.43 billion, a PE ratio of 22.82 and a beta of 0.46. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 EPS. On average, sell-side analysts expect that Permian Resources Corporation will post 1.89 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a $0.16 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Permian Resources’s payout ratio is 74.42%.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.