State Street Corp Purchases 1,263,460 Shares of Permian Resources Co. (NYSE:PR)

State Street Corp raised its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 6.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,027,153 shares of the company's stock after purchasing an additional 1,263,460 shares during the period. State Street Corp owned 2.74% of Permian Resources worth $299,790,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PR. Tributary Capital Management LLC increased its position in Permian Resources by 8,360.8% during the third quarter. Tributary Capital Management LLC now owns 51,357 shares of the company's stock worth $699,000 after buying an additional 50,750 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Permian Resources by 58.3% during the 3rd 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 in the last quarter. South Street Advisors LLC acquired a new position in shares of Permian Resources during the 3rd quarter valued at about $7,142,000. Oppenheimer Asset Management Inc. bought a new position in shares of Permian Resources in the 3rd quarter valued at approximately $556,000. Finally, King Luther Capital Management Corp lifted its holdings in Permian Resources by 8.3% in the 3rd 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 last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PR has been the topic of several analyst reports. JPMorgan Chase & Co. lowered their price target on Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Thursday, September 12th. UBS Group lowered their target price on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, September 18th. Mizuho cut their target price on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Monday, September 16th. Piper Sandler raised their price target on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. Finally, The Goldman Sachs Group assumed coverage on Permian Resources in a research note on Monday, September 30th. They set a "buy" rating and a $19.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $18.93.

Permian Resources Price Performance

Shares of PR stock traded up $0.24 during mid-day trading on Wednesday, reaching $15.01. The company's stock had a trading volume of 3,306,103 shares, compared to its average volume of 9,895,114. The firm's 50-day moving average is $14.64 and its two-hundred day moving average is $14.84. The company has a market cap of $12.06 billion, a P/E ratio of 8.96, a PEG ratio of 0.88 and a beta of 4.35. Permian Resources Co. has a 1-year low of $12.47 and a 1-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.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company's quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 earnings per share. On average, research analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a $0.15 dividend. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 4.00%. Permian Resources's payout ratio is currently 36.36%.

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.