Hsbc Holdings PLC Buys 98,261 Shares of Permian Resources Corporation $PR

Hsbc Holdings PLC raised its stake in shares of Permian Resources Corporation (NYSE:PR) by 177.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 153,492 shares of the company’s stock after buying an additional 98,261 shares during the quarter. Hsbc Holdings PLC’s holdings in Permian Resources were worth $3,290,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. SHP Wealth Management bought a new position in Permian Resources during the 4th quarter worth approximately $27,000. SJS Investment Consulting Inc. increased 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 purchasing an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Permian Resources in the fourth quarter worth $39,000. State of Wyoming raised its holdings in Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Trading Down 0.1%

Shares of NYSE:PR opened at $21.34 on Friday. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. 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’s fifty day simple moving average is $19.51 and its 200 day simple moving average is $18.77. The firm has a market cap of $17.87 billion, a price-to-earnings ratio of 24.82 and a beta of 0.46.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion for 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 EPS. As a group, research analysts forecast that Permian Resources Corporation will post 1.94 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s payout ratio is 74.42%.

Insider Buying and Selling at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PR has been the subject of several research analyst reports. UBS Group decreased their price target on shares of Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a report on Friday, July 17th. Citigroup reduced their target price on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Mizuho boosted their target price on Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Scotiabank increased their price target on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company set a $26.00 price target on Permian Resources in a research report on Monday, May 25th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $23.29.

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.