ING Groep NV Makes New Investment in Permian Resources Corporation (NYSE:PR)

ING Groep NV acquired a new stake in Permian Resources Corporation (NYSE:PR) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 486,000 shares of the company’s stock, valued at approximately $6,731,000. ING Groep NV owned 0.06% of Permian Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its holdings in Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock worth $469,856,000 after purchasing an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Permian Resources during the fourth quarter worth about $431,676,000. Dimensional Fund Advisors LP lifted its stake in shares of Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock worth $169,864,000 after purchasing an additional 4,236,141 shares during the period. Geode Capital Management LLC lifted its position in Permian Resources by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 11,110,824 shares of the company’s stock worth $159,823,000 after buying an additional 168,887 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Permian Resources by 9.8% in the 4th quarter. Renaissance Technologies LLC now owns 10,809,247 shares of the company’s stock valued at $155,437,000 after buying an additional 966,400 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PR. Wells Fargo & Company cut their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Monday, June 16th. The Goldman Sachs Group raised their target price on Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, May 16th. TD Cowen upgraded Permian Resources to a “strong-buy” rating in a research note on Monday, July 7th. Susquehanna boosted their price objective on Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a report on Wednesday, July 23rd. Finally, Royal Bank Of Canada raised their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, May 16th. One research analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $18.47.

Permian Resources Stock Performance

Shares of NYSE:PR opened at $13.68 on Tuesday. The company has a market capitalization of $10.99 billion, a price-to-earnings ratio of 8.44 and a beta of 1.32. The firm’s 50 day simple moving average is $13.84 and its 200 day simple moving average is $13.47. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.86 and a quick ratio of 0.86. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. Permian Resources’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $0.25 earnings per share. As a group, sell-side analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources’s payout ratio is presently 37.04%.

About Permian Resources

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.