Great Lakes Advisors LLC Cuts Stock Holdings in Permian Resources Co. (NYSE:PR)

Great Lakes Advisors LLC reduced its position in shares of Permian Resources Co. (NYSE:PR) by 10.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 213,764 shares of the company’s stock after selling 24,301 shares during the period. Great Lakes Advisors LLC’s holdings in Permian Resources were worth $3,074,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PR. Yaupon Capital Management LP increased its holdings in Permian Resources by 225.0% in the third quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company’s stock valued at $51,016,000 after buying an additional 2,595,137 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after buying an additional 2,023,742 shares in the last quarter. Perpetual Ltd purchased a new position in Permian Resources in the fourth quarter valued at about $27,104,000. Geode Capital Management LLC increased its holdings in Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after buying an additional 1,638,618 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Permian Resources by 9.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after buying an additional 1,543,854 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William J. Quinn purchased 500,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 18,446 shares of company stock worth $269,731 in the last quarter. 12.80% of the stock is owned by insiders.

Permian Resources Stock Up 5.4 %

Shares of NYSE PR opened at $13.63 on Friday. Permian Resources Co. has a 1 year low of $11.84 and a 1 year high of $18.28. The firm’s 50 day moving average price is $14.42 and its 200 day moving average price is $14.34. The firm has a market cap of $10.95 billion, a P/E ratio of 8.26, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. 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 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.40%. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PR. Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and increased their price target for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Williams Trading set a $19.00 price target on shares of Permian Resources in a research report on Wednesday, March 5th. Finally, Truist Financial increased their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.35.

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.