Hsbc Holdings PLC Buys Shares of 55,231 Permian Resources Corporation $PR

Hsbc Holdings PLC purchased a new position in shares of Permian Resources Corporation (NYSE:PR) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 55,231 shares of the company’s stock, valued at approximately $774,000.

Several other institutional investors and hedge funds have also recently modified their holdings of PR. Horizon Investments LLC increased its stake in Permian Resources by 80.8% during the fourth quarter. Horizon Investments LLC now owns 420,448 shares of the company’s stock worth $5,899,000 after purchasing an additional 187,903 shares during the period. HighTower Advisors LLC grew its holdings in shares of Permian Resources by 55.2% in the fourth quarter. HighTower Advisors LLC now owns 259,403 shares of the company’s stock valued at $3,639,000 after purchasing an additional 92,309 shares in the last quarter. UBS Group AG increased its stake in Permian Resources by 39.5% during the 4th quarter. UBS Group AG now owns 6,560,632 shares of the company’s stock worth $92,046,000 after buying an additional 1,858,992 shares during the period. Jennison Associates LLC lifted its holdings in Permian Resources by 2.8% during the 4th quarter. Jennison Associates LLC now owns 3,818,742 shares of the company’s stock worth $53,577,000 after buying an additional 105,396 shares in the last quarter. Finally, King Luther Capital Management Corp lifted its holdings in Permian Resources by 2.8% during the 4th quarter. King Luther Capital Management Corp now owns 5,422,559 shares of the company’s stock worth $76,079,000 after buying an additional 146,836 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PR shares. Wells Fargo & Company set a $26.00 price objective on Permian Resources in a research report on Monday, May 25th. Roth Capital set a $23.00 target price on Permian Resources and gave the stock a “buy” rating in a research note on Monday, June 22nd. Mizuho increased their price target on Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. TD Cowen increased their price target on Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. Finally, Scotiabank lifted their price objective on Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Buy” and an average price target of $23.35.

Insider Transactions at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company’s 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 of the company’s stock, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.00% of the stock is owned by company insiders.

Permian Resources Price Performance

Shares of PR opened at $19.61 on Wednesday. The firm has a market capitalization of $16.42 billion, a price-to-earnings ratio of 22.80 and a beta of 0.46. The firm’s fifty day simple moving average is $19.47 and its 200-day simple moving average is $18.44. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $22.67. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company’s revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 earnings per share. Equities analysts forecast that Permian Resources Corporation will post 1.92 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources’s payout ratio is 74.42%.

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.