Azzad Asset Management Inc. ADV Buys 740 Shares of Permian Resources Co. (NASDAQ:PR)

Azzad Asset Management Inc. ADV grew its stake in shares of Permian Resources Co. (NASDAQ:PR) by 2.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,347 shares of the company’s stock after acquiring an additional 740 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Permian Resources were worth $677,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Truist Financial Corp boosted its stake in Permian Resources by 9.4% during the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock valued at $172,000 after purchasing an additional 1,086 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after buying an additional 1,178 shares during the last quarter. Navellier & Associates Inc. increased its holdings in Permian Resources by 11.3% in the 4th quarter. Navellier & Associates Inc. now owns 11,688 shares of the company’s stock worth $159,000 after buying an additional 1,187 shares in the last quarter. NBC Securities Inc. raised its position in Permian Resources by 3.4% in the 1st quarter. NBC Securities Inc. now owns 39,257 shares of the company’s stock worth $693,000 after buying an additional 1,282 shares during the last quarter. Finally, Kapitalo Investimentos Ltda lifted its stake in Permian Resources by 8.5% during the 4th quarter. Kapitalo Investimentos Ltda now owns 22,658 shares of the company’s stock valued at $308,000 after acquiring an additional 1,775 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Insider Transactions at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the business’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 transaction, the director now owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

Permian Resources stock traded up $0.28 during midday trading on Wednesday, hitting $16.60. The stock had a trading volume of 3,785,171 shares, compared to its average volume of 10,113,504. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. Permian Resources Co. has a 52-week low of $10.31 and a 52-week 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 firm’s fifty day moving average is $16.16 and its two-hundred day moving average is $15.47.

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

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were given a $0.06 dividend. This represents a $0.24 annualized dividend 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 payout ratio is presently 21.82%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Friday, April 12th. Bank of America reissued a “buy” rating and set a $20.00 price target on shares of Permian Resources in a report on Friday, June 14th. Piper Sandler lifted their price objective on Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Mizuho upped their price objective on Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, UBS Group raised Permian Resources from a “neutral” rating to a “buy” rating and raised their target price for the stock from $20.00 to $21.00 in a research report on Friday, June 14th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Buy” and a consensus price target of $20.36.

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.