Azzad Asset Management Inc. ADV Grows Position in Permian Resources Co. (NASDAQ:PR)

Azzad Asset Management Inc. ADV increased its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 2.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,347 shares of the company’s stock after purchasing an additional 740 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Permian Resources were worth $677,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PR. Principal Financial Group Inc. raised its stake in shares of Permian Resources by 47.4% in the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock valued at $23,466,000 after acquiring an additional 554,694 shares during the period. Mount Lucas Management LP purchased a new stake in Permian Resources in the fourth quarter valued at approximately $746,000. Tower Research Capital LLC TRC boosted its position in shares of Permian Resources by 317.9% during the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after buying an additional 18,398 shares during the period. DRW Securities LLC purchased a new position in shares of Permian Resources during the fourth quarter worth $1,904,000. Finally, Franklin Resources Inc. grew its stake in shares of Permian Resources by 74.2% in the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock valued at $4,783,000 after buying an additional 149,851 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PR. Bank of America reissued a “buy” rating and set a $20.00 target price on shares of Permian Resources in a research note on Friday, June 14th. Stifel Nicolaus raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. raised their price target 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. Finally, Piper Sandler upped their price objective on Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Permian Resources has an average rating of “Buy” and a consensus price target of $20.36.

Insider Buying and Selling

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the transaction, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.80% of the stock is owned by company insiders.

Permian Resources Stock Up 1.7 %

Shares of NASDAQ:PR traded up $0.28 on Wednesday, hitting $16.60. 3,785,171 shares of the company’s stock were exchanged, compared to its average volume of 10,113,504. Permian Resources Co. has a 1-year low of $10.31 and a 1-year high of $18.28. The company has a market capitalization of $12.78 billion, a PE ratio of 14.99, a P/E/G ratio of 0.63 and a beta of 4.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55. The firm’s 50-day moving average is $16.16 and its 200 day moving average is $15.47.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Sell-side analysts predict that Permian Resources Co. will post 1.78 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.45%. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date was Monday, May 20th. Permian Resources’s dividend payout ratio (DPR) is 21.82%.

Permian Resources Company 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.