PNC Financial Services Group Inc. Has $2.31 Million Stock Holdings in Permian Resources Corporation $PR

PNC Financial Services Group Inc. increased its holdings in Permian Resources Corporation (NYSE:PR) by 31.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,191 shares of the company’s stock after acquiring an additional 26,079 shares during the period. PNC Financial Services Group Inc.’s holdings in Permian Resources were worth $2,307,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Horizon Investments LLC lifted its position in Permian Resources by 80.8% in 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. Sanctuary Advisors LLC increased its holdings in Permian Resources by 35.3% in the 1st quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock valued at $4,073,000 after buying an additional 49,798 shares during the period. Sterling Capital Management LLC raised its stake in shares of Permian Resources by 98.0% in the 1st quarter. Sterling Capital Management LLC now owns 168,262 shares of the company’s stock valued at $3,587,000 after buying an additional 83,302 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of Permian Resources by 55.2% during the 4th quarter. HighTower Advisors LLC now owns 259,403 shares of the company’s stock worth $3,639,000 after acquiring an additional 92,309 shares during the period. Finally, Jennison Associates LLC boosted its position in shares of Permian Resources by 2.8% during the 4th quarter. Jennison Associates LLC now owns 3,818,742 shares of the company’s stock valued at $53,577,000 after acquiring an additional 105,396 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.00% of the company’s stock.

Permian Resources Trading Up 5.2%

Shares of PR opened at $20.75 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $17.38 billion, a price-to-earnings ratio of 24.13 and a beta of 0.46. The stock has a fifty day moving average price of $19.47 and a two-hundred day moving average price of $18.95. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period last year, the company posted $0.44 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. Analysts predict that Permian Resources Corporation will post 1.94 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.1%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is presently 74.42%.

Wall Street Analysts Forecast Growth

PR has been the subject of several recent research reports. Evercore began coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target for the company. Raymond James Financial cut their target price on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research report on Wednesday, June 17th. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Mizuho boosted their target price on shares of Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Citigroup lowered their target price on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $23.29.

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.