The Manufacturers Life Insurance Company Raises Stake in Permian Resources Co. (NYSE:PR)

The Manufacturers Life Insurance Company lifted its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 20.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 579,375 shares of the company's stock after purchasing an additional 100,056 shares during the period. The Manufacturers Life Insurance Company owned about 0.07% of Permian Resources worth $7,885,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the company. Tributary Capital Management LLC lifted 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 in the last quarter. South Street Advisors LLC purchased a new stake in shares of Permian Resources in the third quarter valued at about $7,142,000. Oppenheimer Asset Management Inc. purchased a new position in Permian Resources during the third quarter worth about $556,000. King Luther Capital Management Corp grew its stake in shares of 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 valued at $71,241,000 after buying an additional 402,515 shares during the period. Finally, Mount Lucas Management LP increased its holdings in shares of Permian Resources by 94.8% during the 2nd quarter. Mount Lucas Management LP now owns 98,880 shares of the company's stock worth $1,597,000 after buying an additional 48,116 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Royal Bank of Canada reiterated an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. JPMorgan Chase & Co. lowered their price objective on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a research report on Thursday, September 12th. The Goldman Sachs Group initiated coverage on Permian Resources in a research report on Monday, September 30th. They set a "buy" rating and a $19.00 price target for the company. Susquehanna cut their price objective on Permian Resources from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday, September 4th. Finally, Mizuho dropped their target price on Permian Resources from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Monday, September 16th. Two 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 company. According to data from MarketBeat.com, Permian Resources presently 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 $0.12 during midday trading on Thursday, reaching $15.27. 5,189,954 shares of the company traded hands, compared to its average volume of 9,941,292. The firm has a market cap of $12.27 billion, a PE ratio of 9.18, a price-to-earnings-growth ratio of 0.94 and a beta of 4.35. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm's 50 day simple moving average is $14.53 and its two-hundred day simple moving average is $14.88. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share. Permian Resources's revenue was up 60.3% compared to the same quarter last year. On average, equities research analysts expect that Permian Resources Co. will post 1.47 EPS for the current fiscal 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 $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 3.93%. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio is presently 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.