M&T Bank Corp Takes $455,000 Position in Permian Resources Co. (NYSE:PR)

M&T Bank Corp acquired a new position in Permian Resources Co. (NYSE:PR) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 33,402 shares of the company’s stock, valued at approximately $455,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Tributary Capital Management LLC lifted its holdings in shares of 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 during the last quarter. Point72 Asset Management L.P. raised its position in 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 acquired a new position in Permian Resources during the third quarter worth $7,142,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Permian Resources during the third quarter worth $556,000. Finally, King Luther Capital Management Corp grew its stake in shares of Permian Resources by 8.3% in the third quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock valued at $71,241,000 after buying an additional 402,515 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Down 1.3 %

Shares of NYSE PR opened at $13.97 on Wednesday. The business has a 50-day moving average of $14.65 and a two-hundred day moving average of $14.79. The company has a market capitalization of $11.22 billion, a price-to-earnings ratio of 8.47, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35. Permian Resources Co. has a 1 year low of $12.59 and a 1 year high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share 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 analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s revenue was up 60.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 earnings per share. On average, analysts forecast that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a $0.15 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 4.29%. Permian Resources’s dividend payout ratio is presently 36.36%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PR. Benchmark decreased their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday. The Goldman Sachs Group started coverage on shares of Permian Resources in a research note on Monday, September 30th. They set a “buy” rating and a $19.00 target price on the stock. Susquehanna decreased their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average target price of $18.87.

Permian Resources Company 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.