Mount Lucas Management LP Trims Holdings in Permian Resources Corporation (NYSE:PR)

Mount Lucas Management LP decreased its holdings in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 49.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,606 shares of the company's stock after selling 41,993 shares during the quarter. Mount Lucas Management LP's holdings in Permian Resources were worth $604,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of 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 in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of 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 purchased a new position in shares of Permian Resources during the fourth quarter worth about $431,676,000. Massachusetts Financial Services Co. MA boosted its stake 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 worth $265,209,000 after buying an additional 291,444 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in 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. Hedge funds and other institutional investors own 91.84% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PR. TD Cowen raised Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Wells Fargo & Company cut their target price on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. UBS Group increased their price objective on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Susquehanna increased their price objective on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $18.47.

Permian Resources Price Performance

NYSE PR traded up $0.16 during trading hours on Friday, reaching $13.78. The company's stock had a trading volume of 7,968,737 shares, compared to its average volume of 10,484,621. The firm's 50-day moving average price is $13.70 and its 200-day moving average price is $13.56. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33. The company has a market capitalization of $11.07 billion, a price-to-earnings ratio of 8.50 and a beta of 1.25.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data 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 11.96% and a net margin of 22.74%. 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 earned $0.25 EPS. The business's revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts predict that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.36%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's dividend payout ratio 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.