Jennison Associates LLC Sells 5,552,108 Shares of Permian Resources Corporation (NYSE:PR)

Jennison Associates LLC lowered its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 60.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,607,144 shares of the company's stock after selling 5,552,108 shares during the quarter. Jennison Associates LLC owned 0.45% of Permian Resources worth $49,959,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Permian Resources by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after acquiring an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Permian Resources during the 4th quarter valued at approximately $431,676,000. Massachusetts Financial Services Co. MA grew its holdings in Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after buying an additional 291,444 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Permian Resources by 55.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after buying an additional 4,236,141 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on PR shares. UBS Group increased their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Royal Bank Of Canada lifted their target price on Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Piper Sandler lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Finally, Wells Fargo & Company decreased their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources currently has a consensus rating of "Buy" and an average price target of $18.47.

Permian Resources Price Performance

Shares of PR traded up $0.03 during trading hours on Wednesday, hitting $13.52. 1,506,931 shares of the company were exchanged, compared to its average volume of 9,783,482. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $10.86 billion, a PE ratio of 8.35 and a beta of 1.25. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The firm has a fifty day simple moving average of $13.72 and a 200-day simple moving average of $13.59.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm posted $0.25 EPS. The company's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.44%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is currently 37.04%.

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.