Bank of New York Mellon Corp Has $194.59 Million Stock Holdings in Permian Resources Co. (NASDAQ:PR)

Bank of New York Mellon Corp increased its stake in shares of Permian Resources Co. (NASDAQ:PR) by 59.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,048,597 shares of the company’s stock after acquiring an additional 4,497,184 shares during the period. Bank of New York Mellon Corp’s holdings in Permian Resources were worth $194,585,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Permian Resources by 47.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock valued at $23,466,000 after buying an additional 554,694 shares in the last quarter. Mount Lucas Management LP purchased a new stake in Permian Resources during the 4th quarter worth about $746,000. DRW Securities LLC purchased a new stake in shares of Permian Resources in the 4th quarter valued at about $1,904,000. Franklin Resources Inc. increased its position in shares of Permian Resources by 74.2% during the 4th quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock valued at $4,783,000 after purchasing an additional 149,851 shares during the last quarter. Finally, American International Group Inc. grew its position in Permian Resources by 10.4% during the 1st quarter. American International Group Inc. now owns 830,432 shares of the company’s stock worth $14,665,000 after acquiring an additional 78,146 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Up 0.6 %

Shares of NASDAQ:PR traded up $0.09 during trading on Monday, hitting $14.63. The company’s stock had a trading volume of 5,059,111 shares, compared to its average volume of 10,119,661. The business has a 50 day moving average price of $15.40 and a two-hundred day moving average price of $15.98. The company has a market capitalization of $11.26 billion, a PE ratio of 13.22, a P/E/G ratio of 0.60 and a beta of 4.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, August 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 net margin of 15.62% and a return on equity of 11.91%. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the company earned $0.27 earnings per share. Permian Resources’s quarterly revenue was up 99.9% compared to the same quarter last year. As a group, research analysts expect that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Monday, August 19th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $0.24 annualized dividend and a yield of 1.64%. Permian Resources’s dividend payout ratio is currently 21.82%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PR shares. Mizuho raised their target price on Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Citigroup cut their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Susquehanna lowered their price objective on Permian Resources from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. UBS Group lowered their price objective on Permian Resources from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Bank of America reiterated a “buy” rating and issued a $20.00 target price on shares of Permian Resources in a research report on Friday, June 14th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

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.