First Dallas Securities Inc. Buys 2,620 Shares of Permian Resources Co. (NASDAQ:PR)

First Dallas Securities Inc. grew its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 7.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 39,510 shares of the company’s stock after buying an additional 2,620 shares during the quarter. First Dallas Securities Inc.’s holdings in Permian Resources were worth $698,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. grew its stake in shares of Permian Resources by 47.4% during the fourth 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 during the last quarter. Mount Lucas Management LP bought a new position in Permian Resources in the fourth quarter worth approximately $746,000. Tower Research Capital LLC TRC grew its stake in Permian Resources by 317.9% in the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after purchasing an additional 18,398 shares in the last quarter. DRW Securities LLC bought a new position in Permian Resources in the fourth quarter worth approximately $1,904,000. Finally, Franklin Resources Inc. grew its stake in Permian Resources by 74.2% in the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after purchasing an additional 149,851 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the sale, the director now directly owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. 12.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on PR shares. Bank of America restated a “buy” rating and set a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. Wells Fargo & Company increased their target price on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Citigroup increased their target price on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, March 1st. UBS Group raised Permian Resources from a “neutral” rating to a “buy” rating and increased their target price for the company from $20.00 to $21.00 in a research report on Friday, June 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $20.31.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.18 on Friday, hitting $16.15. The company’s stock had a trading volume of 79,792,375 shares, compared to its average volume of 8,775,200. 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 Co. has a 1 year low of $10.31 and a 1 year high of $18.28. The firm has a fifty day moving average price of $16.20 and a 200-day moving average price of $15.40. The company has a market capitalization of $12.43 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 0.62 and a beta of 4.26.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.17 billion. As a group, sell-side analysts anticipate that Permian Resources Co. will post 1.78 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were paid a dividend of $0.06 per share. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.49%. The ex-dividend date was Monday, May 20th. Permian Resources’s payout ratio is 21.82%.

About Permian Resources

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.