Franklin Resources Inc. Has $19.35 Million Position in Permian Resources Co. (NYSE:PR)

Franklin Resources Inc. lifted its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 54.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,360,809 shares of the company's stock after purchasing an additional 482,405 shares during the period. Franklin Resources Inc. owned approximately 0.17% of Permian Resources worth $19,351,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Tributary Capital Management LLC raised its position in Permian Resources by 8,360.8% in the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company's stock worth $699,000 after purchasing an additional 50,750 shares during the last quarter. Point72 Asset Management L.P. raised its position in shares of Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock worth $74,811,000 after acquiring an additional 2,023,742 shares during the last quarter. South Street Advisors LLC acquired a new position in shares of Permian Resources during the third quarter valued at $7,142,000. Oppenheimer Asset Management Inc. bought a new position in Permian Resources in the third quarter valued at about $556,000. Finally, King Luther Capital Management Corp increased its position in Permian Resources by 8.3% in the third quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company's stock worth $71,241,000 after purchasing an additional 402,515 shares during the period. 91.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. The Goldman Sachs Group initiated coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a "buy" rating and a $19.00 target price on the stock. Benchmark reduced their price objective on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, October 16th. Wells Fargo & Company dropped their target price on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price target on Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a research report on Thursday, September 12th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.87.

Permian Resources Stock Up 0.6 %

Shares of NYSE:PR traded up $0.08 during midday trading on Friday, reaching $13.60. 14,024,569 shares of the company were exchanged, compared to its average volume of 9,871,939. The firm has a market cap of $10.93 billion, a PE ratio of 8.24, a P/E/G ratio of 0.88 and a beta of 4.35. Permian Resources Co. has a fifty-two week low of $12.59 and a fifty-two week high of $18.28. The stock has a fifty day simple moving average of $14.60 and a two-hundred day simple moving average of $14.76. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion for 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 company's revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS. As a group, sell-side analysts forecast that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were paid a $0.15 dividend. This is a boost from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 4.41%. Permian Resources's payout ratio is presently 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.