Principal Financial Group Inc. Grows Position in Permian Resources Co. (NYSE:PR)

Principal Financial Group Inc. lifted its position in shares of Permian Resources Co. (NYSE:PR) by 35.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,984,490 shares of the company’s stock after purchasing an additional 1,038,489 shares during the quarter. Principal Financial Group Inc.’s holdings in Permian Resources were worth $54,235,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Permian Resources by 6.1% during the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after purchasing an additional 1,263,460 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Permian Resources by 9.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after buying an additional 1,543,854 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after acquiring an additional 4,497,184 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after acquiring an additional 1,638,618 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Permian Resources by 20.6% during the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after acquiring an additional 1,555,884 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Piper Sandler dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Benchmark cut their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Susquehanna decreased their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. UBS Group cut their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.87.

Permian Resources Stock Performance

Shares of NYSE PR opened at $13.60 on Monday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12-month low of $12.59 and a 12-month high of $18.28. The firm has a market capitalization of $10.93 billion, a price-to-earnings ratio of 8.24, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35. The firm has a 50 day moving average of $14.60 and a 200 day moving average of $14.76.

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

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s payout ratio is presently 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.