MML Investors Services LLC Invests $586,000 in Permian Resources Co. (NYSE:PR)

MML Investors Services LLC bought a new stake in Permian Resources Co. (NYSE:PR) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 43,072 shares of the company’s stock, valued at approximately $586,000.

A number of other institutional investors have also added to or reduced their stakes in PR. Hexagon Capital Partners LLC grew its holdings in shares of Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after buying an additional 1,998 shares during the last quarter. Innealta Capital LLC bought a new position in Permian Resources in the 2nd quarter valued at about $30,000. UMB Bank n.a. boosted its stake in Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares during the last quarter. Blue Trust Inc. increased its holdings in Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after purchasing an additional 2,629 shares in the last quarter. Finally, National Bank of Canada FI purchased a new stake in shares of Permian Resources in the third quarter worth approximately $45,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Mizuho cut their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. UBS Group dropped their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Truist Financial upped their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Price Performance

PR opened at $13.60 on Monday. The firm has a 50-day moving average price of $14.60 and a 200-day moving average price of $14.76. Permian Resources Co. has a twelve month low of $12.59 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 market capitalization of $10.93 billion, a price-to-earnings ratio of 8.24, a PEG ratio of 0.88 and a beta of 4.35.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 earnings per share. Equities analysts expect that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date of this dividend was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is 36.36%.

Permian Resources 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.