586,581 Shares in Permian Resources Co. (NYSE:PR) Purchased by Truist Financial Corp

Truist Financial Corp acquired a new stake in Permian Resources Co. (NYSE:PR) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 586,581 shares of the company’s stock, valued at approximately $9,473,000. Truist Financial Corp owned 0.08% of Permian Resources as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after acquiring an additional 5,432,654 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Permian Resources by 9.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after purchasing an additional 1,471,833 shares during the period. Bank of New York Mellon Corp grew its position in shares of Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after purchasing an additional 1,555,884 shares during the period. Finally, OnyxPoint Global Management LP purchased a new stake in shares of Permian Resources in the fourth quarter worth $114,159,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PR. The Goldman Sachs Group started coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 target price on shares of Permian Resources in a research report on Monday, August 12th. Benchmark reissued a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a report on Wednesday, August 7th. Wells Fargo & Company dropped their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Finally, UBS Group cut their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Two 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 has a consensus rating of “Moderate Buy” and a consensus price target of $19.20.

Permian Resources Stock Up 2.5 %

Shares of NYSE:PR opened at $14.70 on Friday. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock’s 50-day moving average price is $14.10 and its 200-day moving average price is $15.68. The stock has a market capitalization of $11.80 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 0.83 and a beta of 4.32.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period last year, the company earned $0.27 EPS. Permian Resources’s revenue for the quarter was up 99.9% compared to the same quarter last year. On average, equities analysts anticipate that Permian Resources Co. will post 1.49 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s payout ratio is 21.82%.

Insider Activity at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

Permian Resources 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.