Crestline Management LP Boosts Position in Permian Resources Co. (NYSE:PR)

Crestline Management LP grew its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 222.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,874 shares of the company's stock after buying an additional 67,512 shares during the period. Crestline Management LP's holdings in Permian Resources were worth $1,407,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Permian Resources during the fourth quarter worth about $431,676,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Permian Resources by 60.4% during 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 shares of Permian Resources by 55.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after acquiring an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP purchased a new position in shares of Permian Resources in the 4th quarter worth about $57,114,000. Finally, Invesco Ltd. increased its holdings in Permian Resources by 56.1% in the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock worth $113,900,000 after buying an additional 2,845,449 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares of the company's stock, valued at $1,825,233.33. The trade was a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,685 shares of company stock valued at $135,687. Company insiders own 6.44% of the company's stock.

Permian Resources Stock Up 0.2%

NYSE PR traded up $0.03 on Friday, reaching $13.04. The company had a trading volume of 9,695,979 shares, compared to its average volume of 9,904,710. The company's fifty day moving average is $12.47 and its 200-day moving average is $13.91. 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 Co. has a 1-year low of $10.01 and a 1-year high of $16.95. The firm has a market capitalization of $10.48 billion, a price-to-earnings ratio of 7.90, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the company earned $0.25 EPS. The company's quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts forecast that Permian Resources Co. will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 annualized dividend and a yield of 4.60%. Permian Resources's dividend payout ratio is currently 37.04%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Bank of America dropped their target price on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Royal Bank of Canada cut their price target on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Williams Trading set a $19.00 target price on Permian Resources in a research report on Wednesday, March 5th. Finally, Citigroup cut Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Permian Resources presently has an average rating of "Moderate Buy" and an average price target of $18.67.

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.