Federated Hermes Inc. Has $1.70 Million Stock Holdings in Permian Resources Co. (NASDAQ:PR)

Federated Hermes Inc. lifted its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 16.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,338 shares of the company’s stock after purchasing an additional 14,947 shares during the period. Federated Hermes Inc.’s holdings in Permian Resources were worth $1,701,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PR. Simplicity Wealth LLC raised its holdings in shares of Permian Resources by 5.2% during the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after purchasing an additional 646 shares during the period. GAMMA Investing LLC raised its stake in Permian Resources by 19.6% during the 2nd quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after buying an additional 716 shares during the period. Azzad Asset Management Inc. ADV boosted its holdings in Permian Resources by 2.0% in the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock worth $677,000 after acquiring an additional 740 shares in the last quarter. Mount Yale Investment Advisors LLC grew its stake in Permian Resources by 3.1% in the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock valued at $454,000 after acquiring an additional 781 shares during the period. Finally, Larson Financial Group LLC increased its holdings in shares of Permian Resources by 0.5% during the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock valued at $3,379,000 after acquiring an additional 949 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on PR. Bank of America reissued a “buy” rating and issued a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a research report on Wednesday, July 3rd. Benchmark restated a “buy” rating and issued a $17.00 target price on shares of Permian Resources in a report on Wednesday, August 7th. UBS Group cut their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Piper Sandler lowered their price objective on Permian Resources from $23.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.50.

Insider Buying and Selling

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

Permian Resources Stock Down 0.8 %

Shares of NASDAQ:PR opened at $13.91 on Friday. Permian Resources Co. has a 1 year low of $12.34 and a 1 year high of $18.28. The company has a market capitalization of $10.71 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 0.77 and a beta of 4.33. The business has a fifty day moving average price of $14.56 and a two-hundred day moving average price of $15.85. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the business earned $0.27 earnings per share. The firm’s revenue for the quarter was up 99.9% on a year-over-year basis. Analysts forecast that Permian Resources Co. will post 1.57 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.73%. Permian Resources’s 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.