Franklin Resources Inc. Buys 482,405 Shares of Permian Resources Co. (NYSE:PR)

Franklin Resources Inc. increased its position in shares of Permian Resources Co. (NYSE:PR) by 54.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,360,809 shares of the company’s stock after buying an additional 482,405 shares during the quarter. Franklin Resources Inc.’s holdings in Permian Resources were worth $19,351,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Hexagon Capital Partners LLC grew its position in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares in the last quarter. Innealta Capital LLC bought a new position in Permian Resources in the second quarter valued at about $30,000. UMB Bank n.a. raised its stake in Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after acquiring an additional 1,390 shares in the last quarter. Gilliland Jeter Wealth Management LLC acquired a new stake in shares of Permian Resources in the 2nd quarter valued at approximately $40,000. Finally, Sunbelt Securities Inc. lifted its stake in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wells Fargo & Company dropped their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Mizuho reduced their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Piper Sandler cut their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday. Susquehanna cut their target price 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, Royal Bank of Canada reissued an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Stock Performance

NYSE:PR opened at $13.52 on Friday. The company has a market capitalization of $10.86 billion, a P/E ratio of 8.19, a P/E/G ratio of 0.88 and a beta of 4.35. The business has a fifty day simple moving average of $14.62 and a two-hundred day simple moving average of $14.77. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 1 year low of $12.59 and a 1 year high of $18.28.

Permian Resources (NYSE:PR) last posted 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. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. 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 previous year, the firm posted $0.36 earnings per share. The company’s quarterly revenue was up 60.3% compared to the same quarter last year. On average, analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently declared 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. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a yield of 4.44%. Permian Resources’s dividend payout ratio (DPR) 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.