Manning & Napier Advisors LLC Has $743,000 Stake in Permian Resources Corporation (NYSE:PR)

Manning & Napier Advisors LLC trimmed its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 56.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,634 shares of the company's stock after selling 68,936 shares during the period. Manning & Napier Advisors LLC's holdings in Permian Resources were worth $743,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PR. Vanguard Group Inc. increased its stake in Permian Resources by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock worth $944,487,000 after purchasing an additional 870,622 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after purchasing an additional 12,306,854 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Permian Resources in the 4th quarter valued at $431,676,000. Massachusetts Financial Services Co. MA lifted its position in Permian Resources by 1.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after acquiring an additional 291,444 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Permian Resources by 7.2% during the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock worth $196,025,000 after purchasing an additional 909,740 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of Permian Resources stock traded down $0.09 during trading on Tuesday, hitting $14.01. The stock had a trading volume of 17,324,549 shares, compared to its average volume of 9,941,658. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.95. 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 business has a fifty day moving average of $13.02 and a two-hundred day moving average of $13.63. The firm has a market cap of $11.26 billion, a P/E ratio of 8.65 and a beta of 1.24.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The company's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.25 EPS. On average, sell-side analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is 37.04%.

Analysts Set New Price Targets

A number of research firms have weighed in on PR. Bank of America increased their price objective on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. The Goldman Sachs Group boosted their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Williams Trading set a $19.00 target price on Permian Resources in a report on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Monday, June 16th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $18.50.

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.