Permian Resources Corporation $PR Shares Sold by Channing Capital Management LLC

Key Points

• Channing Capital Management LLC reduced its stake in Permian Resources by 4% after selling 24,573 shares, now holding 595,565 shares worth about $8.25 million.
• Permian Resources recently reported quarterly earnings of $0.27 per share, hitting analyst estimates, but experienced a 3.9% year-over-year decline in revenue.
• The company announced a quarterly dividend of $0.15 per share, yielding 4.5%, with the ex-dividend date set for September 16.

Channing Capital Management LLC decreased its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 4.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 595,565 shares of the company's stock after selling 24,573 shares during the period. Channing Capital Management LLC owned approximately 0.07% of Permian Resources worth $8,249,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. OneDigital Investment Advisors LLC increased its position in Permian Resources by 19.2% during the first quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock valued at $267,000 after acquiring an additional 3,107 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Permian Resources by 12.4% during the first quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock valued at $444,000 after acquiring an additional 3,547 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in Permian Resources by 8.5% during the first quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock valued at $393,000 after acquiring an additional 2,215 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Permian Resources by 27.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock valued at $425,000 after acquiring an additional 6,600 shares during the last quarter. Finally, Vontobel Holding Ltd. bought a new position in Permian Resources during the first quarter valued at $174,000. Institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PR. Wells Fargo & Company upped their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Wednesday, August 13th. Morgan Stanley upped their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Raymond James Financial restated a "strong-buy" rating and issued a $23.00 price target (up from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Piper Sandler upped their price target on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Finally, Royal Bank Of Canada upped their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Permian Resources currently has an average rating of "Buy" and an average price target of $18.53.

Permian Resources Stock Down 1.8%

Permian Resources stock traded down $0.25 during midday trading on Tuesday, hitting $13.90. 2,693,709 shares of the company's stock were exchanged, compared to its average volume of 10,107,779. The company has a market cap of $11.12 billion, a PE ratio of 9.03 and a beta of 1.32. The firm has a 50-day moving average of $13.80 and a two-hundred day moving average of $13.31. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company's quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 earnings per share. As a group, analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 38.96%.

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.