Townsquare Capital LLC Acquires New Position in Permian Resources Co. (NYSE:PR)

Townsquare Capital LLC acquired a new stake in Permian Resources Co. (NYSE:PR) in the third quarter, Holdings Channel reports. The firm acquired 18,883 shares of the company’s stock, valued at approximately $257,000.

A number of other institutional investors have also recently made changes to their positions in the business. Transamerica Financial Advisors Inc. acquired a new position in shares of Permian Resources in the third quarter valued at approximately $65,000. The Manufacturers Life Insurance Company grew its holdings in Permian Resources by 20.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 579,375 shares of the company’s stock worth $7,885,000 after acquiring an additional 100,056 shares in the last quarter. Truvestments Capital LLC acquired a new position in Permian Resources during the 3rd quarter worth approximately $96,000. SevenBridge Financial Group LLC acquired a new position in Permian Resources during the 3rd quarter worth approximately $836,000. Finally, Westfield Capital Management Co. LP grew its holdings in Permian Resources by 3.4% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,119,622 shares of the company’s stock worth $69,678,000 after acquiring an additional 167,986 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Down 3.9 %

Shares of Permian Resources stock opened at $14.68 on Friday. The company has a market cap of $11.79 billion, a P/E ratio of 9.25, a PEG ratio of 0.94 and a beta of 4.35. 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 Co. has a one year low of $12.34 and a one year high of $18.28. The firm has a fifty day moving average of $14.58 and a two-hundred day moving average of $14.89.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company 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%. Permian Resources’s quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 EPS. On average, 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 disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. 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 4.09%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is presently 36.36%.

Analyst Upgrades and Downgrades

Several research analysts have commented on PR shares. Piper Sandler boosted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Susquehanna lowered their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. 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 report on Friday, November 8th. The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Finally, Wells Fargo & Company lowered their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Two 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’s stock. Based on data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $18.93.

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.