Envestnet Portfolio Solutions Inc. Cuts Stock Holdings in Permian Resources Co. (NASDAQ:PR)

Envestnet Portfolio Solutions Inc. cut its stake in shares of Permian Resources Co. (NASDAQ:PR) by 10.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 13,544 shares of the company’s stock after selling 1,500 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Permian Resources were worth $219,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Permian Resources by 47.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after acquiring an additional 554,694 shares during the last quarter. Mount Lucas Management LP acquired a new stake in Permian Resources during the 4th quarter worth approximately $746,000. DRW Securities LLC purchased a new position in Permian Resources in the fourth quarter valued at approximately $1,904,000. Franklin Resources Inc. lifted its position in Permian Resources by 74.2% during the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock valued at $4,783,000 after buying an additional 149,851 shares in the last quarter. Finally, American International Group Inc. grew its stake in Permian Resources by 10.4% during the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock worth $14,665,000 after buying an additional 78,146 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PR has been the topic of a number of research reports. Piper Sandler cut their target price on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. UBS Group cut their price objective on Permian Resources from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of Permian Resources in a research note on Monday, August 12th. Truist Financial raised their target price on Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, Wolfe Research initiated coverage on shares of Permian Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Permian Resources Stock Performance

Shares of PR stock opened at $14.53 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The stock has a market capitalization of $11.19 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 0.60 and a beta of 4.37. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The company’s 50-day simple moving average is $15.41 and its 200-day simple moving average is $15.93.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion for 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 business’s revenue was up 99.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.27 EPS. Equities analysts anticipate that Permian Resources Co. will post 1.66 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) 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.