Permian Resources Corporation $PR Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp increased its stake in shares of Permian Resources Corporation (NYSE:PR) by 9,517.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 252,162 shares of the company’s stock after purchasing an additional 249,540 shares during the period. Fifth Third Bancorp’s holdings in Permian Resources were worth $5,376,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PR. Cedar Mountain Advisors LLC purchased a new position in shares of Permian Resources during the first quarter worth $48,000. Hsbc Holdings PLC boosted its holdings in Permian Resources by 177.9% during the 1st quarter. Hsbc Holdings PLC now owns 153,492 shares of the company’s stock valued at $3,290,000 after acquiring an additional 98,261 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in Permian Resources by 9.9% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 151,821 shares of the company’s stock valued at $3,237,000 after acquiring an additional 13,700 shares during the period. Quantum Portfolio Management LLC acquired a new position in Permian Resources in the 1st quarter valued at about $762,000. Finally, Whittier Trust Co. of Nevada Inc. grew its position in Permian Resources by 9.2% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 315,450 shares of the company’s stock valued at $6,665,000 after acquiring an additional 26,510 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PR. BMO Capital Markets raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. UBS Group decreased their price target on shares of Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Friday. Scotiabank boosted their price target on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Mizuho upped their price objective on Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Finally, Weiss Ratings lowered Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $23.29.

Permian Resources Stock Up 2.4%

PR opened at $20.20 on Friday. The business has a 50 day simple moving average of $19.44 and a 200-day simple moving average of $18.53. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The stock has a market capitalization of $16.91 billion, a P/E ratio of 23.49 and a beta of 0.46. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the business posted $0.44 earnings per share. Permian Resources’s revenue was up .9% compared to the same quarter last year. On average, equities analysts anticipate that Permian Resources Corporation will post 1.93 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.00% of the stock is owned by company insiders.

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.