Manning & Napier Advisors LLC Purchases New Stake in Permian Resources Corporation $PR

Manning & Napier Advisors LLC acquired a new position in shares of Permian Resources Corporation (NYSE:PR) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 107,864 shares of the company’s stock, valued at approximately $1,992,000.

Other hedge funds have also recently made changes to their positions in the company. Ranger Investment Management L.P. acquired a new stake in shares of Permian Resources in the 2nd quarter worth about $15,028,000. Ninepoint Partners LP purchased a new position in shares of Permian Resources during the second quarter valued at approximately $6,444,000. Great Lakes Advisors LLC bought a new stake in Permian Resources during the second quarter worth $4,741,000. GAMMA Investing LLC raised its position in Permian Resources by 17.7% in the 2nd quarter. GAMMA Investing LLC now owns 19,742 shares of the company’s stock valued at $363,000 after buying an additional 2,972 shares during the last quarter. Finally, CoreCap Advisors LLC lifted its stake in Permian Resources by 22.1% during the 2nd quarter. CoreCap Advisors LLC now owns 19,367 shares of the company’s stock valued at $357,000 after acquiring an additional 3,508 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Citigroup dropped their price target on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Truist Financial increased their price objective on shares of Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Zacks Research downgraded Permian Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. Wells Fargo & Company upped their target price on Permian Resources from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. Finally, Raymond James Financial dropped their price target on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating on the stock in a report on Wednesday, June 17th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Permian Resources presently has a consensus rating of “Buy” and a consensus target price of $23.47.

Permian Resources Trading Down 1.6%

Permian Resources stock opened at $23.32 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. Permian Resources Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $24.09. The stock has a market cap of $19.53 billion, a P/E ratio of 15.44 and a beta of 0.48. The firm’s fifty day moving average price is $20.26 and its 200-day moving average price is $19.85.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the business posted $0.28 earnings per share. Permian Resources’s revenue for the quarter was up 55.1% on a year-over-year basis. Equities research analysts forecast that Permian Resources Corporation will post 2.2 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.16 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. Permian Resources’s dividend payout ratio (DPR) is currently 42.38%.

Permian Resources Company 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.