Jennison Associates LLC Reduces Position in Permian Resources Corporation (NYSE:PR)

Jennison Associates LLC decreased its position in Permian Resources Corporation (NYSE:PR - Free Report) by 60.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,607,144 shares of the company's stock after selling 5,552,108 shares during the period. Jennison Associates LLC owned about 0.45% of Permian Resources worth $49,959,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in PR. Tributary Capital Management LLC boosted its position in Permian Resources by 4.3% during the 1st quarter. Tributary Capital Management LLC now owns 88,415 shares of the company's stock valued at $1,225,000 after acquiring an additional 3,610 shares in the last quarter. Burns Matteson Capital Management LLC purchased a new stake in Permian Resources during the 1st quarter valued at about $516,000. Verdence Capital Advisors LLC raised its holdings in Permian Resources by 10.2% in the first quarter. Verdence Capital Advisors LLC now owns 305,106 shares of the company's stock worth $4,226,000 after buying an additional 28,330 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Permian Resources by 10.2% in the first quarter. Victory Capital Management Inc. now owns 3,037,172 shares of the company's stock worth $42,065,000 after buying an additional 280,614 shares during the last quarter. Finally, Tectonic Advisors LLC raised its holdings in Permian Resources by 8.8% in the first quarter. Tectonic Advisors LLC now owns 34,392 shares of the company's stock worth $476,000 after buying an additional 2,792 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Bank of America upped their price objective on Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Susquehanna lowered their price objective 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. UBS Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Piper Sandler increased their price target on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, Royal Bank Of Canada boosted their price objective on Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. One investment analyst has rated the stock with a sell rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $18.40.

Permian Resources Stock Performance

PR stock opened at $13.45 on Friday. The firm has a 50-day simple moving average of $13.72 and a two-hundred day simple moving average of $13.60. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.86 and a current ratio of 0.86. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The firm has a market cap of $10.81 billion, a price-to-earnings ratio of 8.30 and a beta of 1.25.

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 return on equity of 11.96% and a net margin of 22.74%. The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter last year, the firm earned $0.25 earnings per share. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $0.15 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.46%. Permian Resources's dividend payout ratio (DPR) is presently 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.

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