Federated Hermes Inc. Raises Holdings in Permian Resources Co. (NASDAQ:PR)

Federated Hermes Inc. increased its stake in shares of Permian Resources Co. (NASDAQ:PR) by 352.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 154,786 shares of the company’s stock after purchasing an additional 120,594 shares during the period. Federated Hermes Inc.’s holdings in Permian Resources were worth $2,105,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale purchased a new position in shares of Permian Resources during the fourth quarter valued at approximately $33,000. Clearstead Advisors LLC acquired a new position in Permian Resources in the 3rd quarter valued at $45,000. Optimum Investment Advisors purchased a new position in shares of Permian Resources during the 4th quarter worth $50,000. Fifth Third Bancorp boosted its holdings in shares of Permian Resources by 1,290.7% during the fourth quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after purchasing an additional 3,872 shares during the last quarter. Finally, Tucker Asset Management LLC purchased a new stake in shares of Permian Resources in the third quarter valued at $60,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PR shares. Susquehanna increased their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Friday, April 12th. Wells Fargo & Company increased their target price on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Citigroup upped their price target on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

Insider Activity

In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the completion of the sale, the director now owns 476,306 shares in the company, valued at $7,482,767.26. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,916,943 shares of company stock valued at $516,796,999. Insiders own 12.80% of the company’s stock.

Permian Resources Price Performance

NASDAQ PR opened at $17.38 on Monday. The stock has a market capitalization of $13.41 billion, a PE ratio of 13.17 and a beta of 4.35. The stock has a 50-day simple moving average of $16.69 and a 200 day simple moving average of $14.70. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources Co. has a twelve month low of $8.94 and a twelve month high of $18.28.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Research analysts anticipate that Permian Resources Co. will post 1.66 EPS for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.15%. Permian Resources’s dividend payout ratio is 17.24%.

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.