Allspring Global Investments Holdings LLC Reduces Stock Position in Permian Resources Co. (NASDAQ:PR)

Allspring Global Investments Holdings LLC decreased its position in Permian Resources Co. (NASDAQ:PR) by 2.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 608,454 shares of the company’s stock after selling 12,215 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Permian Resources were worth $9,827,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Simplicity Wealth LLC grew its position in shares of Permian Resources by 5.2% in the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after purchasing an additional 646 shares during the period. GAMMA Investing LLC grew its holdings in Permian Resources by 19.6% in the 2nd quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock valued at $70,000 after buying an additional 716 shares during the period. Azzad Asset Management Inc. ADV increased its stake in shares of Permian Resources by 2.0% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock valued at $677,000 after acquiring an additional 740 shares during the last quarter. Mount Yale Investment Advisors LLC lifted its holdings in shares of Permian Resources by 3.1% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after acquiring an additional 781 shares during the period. Finally, Chilton Capital Management LLC boosted its position in shares of Permian Resources by 4.6% in the first quarter. Chilton Capital Management LLC now owns 22,868 shares of the company’s stock worth $404,000 after acquiring an additional 1,000 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Trading Down 1.5 %

NASDAQ PR opened at $14.24 on Friday. The stock has a market cap of $11.43 billion, a P/E ratio of 12.95, a PEG ratio of 0.79 and a beta of 4.37. The company’s fifty day simple moving average is $15.30 and its 200-day simple moving average is $15.98. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm’s revenue was up 99.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.27 EPS. Equities research analysts predict that Permian Resources Co. will post 1.63 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.69%. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PR shares. Piper Sandler cut their price target 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. BMO Capital Markets raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Wednesday, July 3rd. Susquehanna dropped their price target on Permian Resources from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Monday, August 12th. Finally, Wolfe Research assumed coverage on shares of Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

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.