Permian Resources Co. (NYSE:PR) Holdings Cut by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. cut its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 53.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,101,310 shares of the company's stock after selling 2,416,555 shares during the quarter. Balyasny Asset Management L.P. owned about 0.26% of Permian Resources worth $30,217,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of PR. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Permian Resources during the 4th quarter worth about $431,676,000. Price T Rowe Associates Inc. MD raised its position in Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after purchasing an additional 12,306,854 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Permian Resources by 55.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after purchasing an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP acquired a new stake in Permian Resources in the 4th quarter valued at about $57,114,000. Finally, Invesco Ltd. raised its position in Permian Resources by 56.1% in the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock valued at $113,900,000 after purchasing an additional 2,845,449 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J. Quinn bought 500,000 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares of the company's stock, valued at $10,618,447.03. This represents a 160.04% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 9,685 shares of company stock worth $135,687. 6.44% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PR shares. Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Royal Bank of Canada cut their target price on Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Monday, April 14th. Williams Trading set a $19.00 target price on Permian Resources in a research report on Wednesday, March 5th. Morgan Stanley cut their target price on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Finally, Susquehanna cut their target price on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.67.

Permian Resources Stock Performance

NYSE:PR traded up $0.48 during mid-day trading on Monday, reaching $13.49. 3,252,909 shares of the stock were exchanged, compared to its average volume of 9,879,155. The company has a 50 day simple moving average of $12.47 and a 200-day simple moving average of $13.91. The stock has a market capitalization of $10.84 billion, a P/E ratio of 8.18, a P/E/G ratio of 4.05 and a beta of 1.20. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 1 year low of $10.01 and a 1 year high of $16.95.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter last year, the business posted $0.25 earnings per share. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. Analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.45%. Permian Resources's dividend payout ratio (DPR) is currently 37.04%.

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.