PNC Financial Services Group Inc. Purchases 26,079 Shares of Permian Resources Corporation $PR

PNC Financial Services Group Inc. grew its holdings in Permian Resources Corporation (NYSE:PR) by 31.8% during the 1st quarter, Holdings Channel reports. The firm owned 108,191 shares of the company’s stock after purchasing an additional 26,079 shares during the period. PNC Financial Services Group Inc.’s holdings in Permian Resources were worth $2,307,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. SHP Wealth Management bought a new stake in shares of Permian Resources during the fourth quarter worth approximately $27,000. SJS Investment Consulting Inc. boosted its stake in Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after acquiring an additional 1,341 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Permian Resources in the fourth quarter valued at approximately $39,000. State of Wyoming grew its holdings in Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after acquiring an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC acquired a new stake in Permian Resources during the 1st quarter worth $48,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PR shares. Wells Fargo & Company set a $26.00 price target on Permian Resources in a research note on Monday, May 25th. Scotiabank lifted their price target on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Zacks Research lowered Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Citigroup cut their price objective on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Finally, BMO Capital Markets raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $23.29.

Permian Resources Price Performance

NYSE PR opened at $20.75 on Thursday. The firm’s 50 day moving average is $19.47 and its 200-day moving average is $18.95. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $17.38 billion, a PE ratio of 24.13 and a beta of 0.46. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $22.67.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm’s revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.44 earnings per share. Equities research analysts anticipate that Permian Resources Corporation will post 1.94 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. Permian Resources’s payout ratio is currently 74.42%.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.00% of the company’s stock.

Permian Resources Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.