Lazard Asset Management LLC Boosts Stock Position in Permian Resources Corporation $PR

Lazard Asset Management LLC lifted its holdings in shares of Permian Resources Corporation (NYSE:PR) by 133.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 66,420 shares of the company’s stock after buying an additional 38,015 shares during the period. Lazard Asset Management LLC’s holdings in Permian Resources were worth $1,416,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. SJS Investment Consulting Inc. grew its stake in Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after acquiring an additional 1,341 shares during the period. SHP Wealth Management acquired a new position in Permian Resources during the fourth quarter worth $27,000. Cedar Mountain Advisors LLC purchased a new position in Permian Resources during the first quarter valued at $48,000. Los Angeles Capital Management LLC purchased a new position in Permian Resources during the fourth quarter valued at $39,000. Finally, State of Wyoming grew its position in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction on 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 represents a 10.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 5.00% of the company’s stock.

Permian Resources Stock Performance

NYSE:PR opened at $20.48 on Wednesday. The company’s 50-day moving average is $19.52 and its two-hundred day moving average is $19.13. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $17.14 billion, a price-to-earnings ratio of 23.81 and a beta of 0.48.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business 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 business’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 EPS. Analysts forecast that Permian Resources Corporation will post 1.94 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on PR. KeyCorp assumed coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They set an “overweight” rating and a $25.00 target price for the company. Evercore assumed coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target on the stock. Scotiabank lifted their price objective on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Weiss Ratings upgraded Permian Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 30th. Finally, BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Permian Resources currently has an average rating of “Buy” and a consensus target price 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.