Comerica Bank Reduces Stock Position in Permian Resources Co. (NASDAQ:PR)

Comerica Bank reduced its position in shares of Permian Resources Co. (NASDAQ:PR) by 0.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,163,459 shares of the company’s stock after selling 8,293 shares during the period. Comerica Bank owned 0.15% of Permian Resources worth $20,547,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PR. EnCap Energy Capital Fund XI L.P. purchased a new stake in Permian Resources in the fourth quarter worth about $353,683,000. Vanguard Group Inc. lifted its holdings in Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares during the period. OnyxPoint Global Management LP purchased a new stake in Permian Resources in the fourth quarter worth about $114,159,000. Massachusetts Financial Services Co. MA lifted its holdings in Permian Resources by 96.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after buying an additional 6,464,093 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Permian Resources by 480.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after buying an additional 5,012,287 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PR shares. Mizuho raised their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Piper Sandler raised their target price on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. JPMorgan Chase & Co. raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. UBS Group raised shares of Permian Resources from a “neutral” rating to a “buy” rating and raised their price target for the company from $20.00 to $21.00 in a research report on Friday, June 14th. Finally, Susquehanna raised their price target on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Two investment 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. Based on data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Insider Activity

In related news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the sale, the director now directly owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

Shares of PR traded down $0.68 during midday trading on Thursday, hitting $14.66. 6,068,790 shares of the company traded hands, compared to its average volume of 10,072,225. The firm has a 50 day moving average of $15.82 and a 200-day moving average of $15.83. Permian Resources Co. has a 52 week low of $11.17 and a 52 week high of $18.28. The stock has a market cap of $11.29 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 0.60 and a beta of 4.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. On average, analysts forecast that Permian Resources Co. will post 1.71 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.64%. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 20th. Permian Resources’s dividend payout ratio is currently 21.82%.

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.