Stifel Financial Corp Reduces Stock Position in Permian Resources Co. (NYSE:PR)

Stifel Financial Corp trimmed its holdings in shares of Permian Resources Co. (NYSE:PR) by 0.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 384,351 shares of the company’s stock after selling 2,020 shares during the quarter. Stifel Financial Corp’s holdings in Permian Resources were worth $5,231,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Tributary Capital Management LLC grew its stake in Permian Resources by 8,360.8% in the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock worth $699,000 after acquiring an additional 50,750 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after purchasing an additional 2,023,742 shares during the period. South Street Advisors LLC bought a new position in Permian Resources in the third quarter worth approximately $7,142,000. Oppenheimer Asset Management Inc. bought a new position in Permian Resources in the third quarter worth approximately $556,000. Finally, King Luther Capital Management Corp increased its holdings in 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 purchasing an additional 402,515 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PR shares. Mizuho dropped their price target 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. JPMorgan Chase & Co. reduced their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Piper Sandler lifted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Benchmark lowered their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Finally, Susquehanna cut their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Trading Down 0.5 %

Shares of NYSE:PR opened at $14.68 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52-week low of $12.59 and a 52-week high of $18.28. The stock has a market cap of $11.79 billion, a price-to-earnings ratio of 8.90, a PEG ratio of 0.90 and a beta of 4.35. The business has a 50-day moving average price of $14.67 and a 200-day moving average price of $14.83.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 4.09%. Permian Resources’s payout ratio is currently 36.36%.

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.