Permian Resources Co. (NYSE:PR) Position Increased by Franklin Resources Inc.

Franklin Resources Inc. lifted its position in Permian Resources Co. (NYSE:PR) by 54.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,360,809 shares of the company’s stock after acquiring an additional 482,405 shares during the quarter. Franklin Resources Inc. owned approximately 0.17% of Permian Resources worth $19,351,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its position in shares of Permian Resources by 17.8% in the second quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock worth $110,000 after buying an additional 1,032 shares during the period. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Permian Resources in the second quarter worth approximately $240,000. Louisiana State Employees Retirement System boosted its holdings in shares of Permian Resources by 11.9% during the second quarter. Louisiana State Employees Retirement System now owns 145,300 shares of the company’s stock worth $2,347,000 after purchasing an additional 15,400 shares during the period. Retirement Systems of Alabama grew its position in Permian Resources by 9.8% during the second quarter. Retirement Systems of Alabama now owns 633,912 shares of the company’s stock valued at $10,238,000 after purchasing an additional 56,576 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in Permian Resources in the 2nd quarter worth approximately $40,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Performance

PR opened at $13.52 on Friday. Permian Resources Co. has a 1-year low of $12.59 and a 1-year high of $18.28. The firm has a 50-day moving average price of $14.62 and a two-hundred day moving average price of $14.77. The stock has a market capitalization of $10.86 billion, a PE ratio of 8.19, a PEG ratio of 0.88 and a beta of 4.35. 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 (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates 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%. The company’s revenue was up 60.3% on a year-over-year basis. During the same period last year, the company earned $0.36 earnings per share. As a group, equities analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.44%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Analysts Set New Price Targets

Several brokerages recently issued reports on PR. The Goldman Sachs Group started coverage on Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 price objective for the company. Piper Sandler decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday. Benchmark decreased their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. JPMorgan Chase & Co. cut their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Finally, Susquehanna dropped their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.