Geode Capital Management LLC Has $148.96 Million Stock Holdings in Permian Resources Co. (NYSE:PR)

Geode Capital Management LLC raised its position in shares of Permian Resources Co. (NYSE:PR) by 17.6% in the 3rd quarter, Holdings Channel reports. The firm owned 10,941,937 shares of the company’s stock after acquiring an additional 1,638,618 shares during the period. Geode Capital Management LLC’s holdings in Permian Resources were worth $148,957,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its stake in Permian Resources by 17.8% during the second quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock worth $110,000 after acquiring an additional 1,032 shares in the last quarter. Summit Global Investments acquired a new position in Permian Resources during the 2nd quarter worth approximately $1,973,000. Fifth Third Wealth Advisors LLC bought a new position in Permian Resources in the 2nd quarter valued at approximately $240,000. 1620 Investment Advisors Inc. acquired a new stake in Permian Resources in the second quarter valued at approximately $80,000. Finally, Louisiana State Employees Retirement System grew its stake in shares of Permian Resources by 11.9% during the second quarter. Louisiana State Employees Retirement System now owns 145,300 shares of the company’s stock worth $2,347,000 after buying an additional 15,400 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Mizuho dropped their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. Truist Financial upped their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Piper Sandler lifted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Finally, Susquehanna decreased their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.93.

Permian Resources Stock Performance

PR stock opened at $14.16 on Tuesday. The firm has a market cap of $11.38 billion, a PE ratio of 8.58, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a 50-day moving average price of $14.66 and a 200-day moving average price of $14.81. Permian Resources Co. has a 1-year low of $12.59 and a 1-year high of $18.28.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 earnings per share. As a group, equities research analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 4.24%. Permian Resources’s dividend payout ratio is currently 36.36%.

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.