The Manufacturers Life Insurance Company Has $7.89 Million Holdings in Permian Resources Co. (NYSE:PR)

The Manufacturers Life Insurance Company grew its holdings in shares of Permian Resources Co. (NYSE:PR) by 20.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 579,375 shares of the company’s stock after purchasing an additional 100,056 shares during the period. The Manufacturers Life Insurance Company’s holdings in Permian Resources were worth $7,885,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Tributary Capital Management LLC grew its position in shares of Permian Resources by 8,360.8% during the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock worth $699,000 after purchasing an additional 50,750 shares in the last quarter. South Street Advisors LLC bought a new stake in shares of Permian Resources during the 3rd quarter worth approximately $7,142,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Permian Resources during the 3rd quarter worth approximately $556,000. King Luther Capital Management Corp lifted its holdings in shares of Permian Resources by 8.3% during the 3rd quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock worth $71,241,000 after acquiring an additional 402,515 shares during the period. Finally, Mount Lucas Management LP lifted its holdings in shares of Permian Resources by 94.8% during the 2nd quarter. Mount Lucas Management LP now owns 98,880 shares of the company’s stock worth $1,597,000 after acquiring an additional 48,116 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Trading Down 2.9 %

PR opened at $15.14 on Thursday. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a fifty day moving average of $14.51 and a 200-day moving average of $14.88. The stock has a market cap of $12.16 billion, a PE ratio of 9.25, a price-to-earnings-growth ratio of 0.92 and a beta of 4.35.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the company posted $0.36 earnings per share. Permian Resources’s revenue for the quarter was up 60.3% compared to the same quarter last year. On average, sell-side analysts predict that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 3.96%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is presently 36.36%.

Analyst Upgrades and Downgrades

PR has been the subject of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on shares of Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 price target for the company. Truist Financial upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Citigroup dropped their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Susquehanna dropped their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Piper Sandler increased their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.93.

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.