Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Permian Resources Co. (NYSE:PR)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Permian Resources Co. (NYSE:PR) by 7.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 190,152 shares of the company’s stock after purchasing an additional 12,722 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Permian Resources were worth $2,588,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PR. Hexagon Capital Partners LLC lifted its stake in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after purchasing an additional 1,998 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Permian Resources during the 2nd quarter valued at about $30,000. UMB Bank n.a. raised its position in shares of Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares in the last quarter. Gilliland Jeter Wealth Management LLC purchased a new stake in shares of Permian Resources during the 2nd quarter valued at about $40,000. Finally, Blue Trust Inc. raised its position in shares of Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after buying an additional 2,629 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

NYSE:PR opened at $15.58 on Wednesday. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a market cap of $12.52 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 0.92 and a beta of 4.35. The firm’s fifty day moving average is $14.48 and its two-hundred day moving average is $14.89.

Permian Resources (NYSE:PR) last issued its quarterly earnings data 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 net margin of 21.20% and a return on equity of 11.15%. The company’s revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 earnings per share. Research analysts expect that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a $0.15 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.85%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is 36.36%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PR. Benchmark decreased their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Truist Financial upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. UBS Group cut their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Wells Fargo & Company cut their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Finally, Citigroup cut their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.93.

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.