Ninepoint Partners LP Sells 319,200 Shares of Permian Resources Corporation (NYSE:PR)

Ninepoint Partners LP decreased its position in Permian Resources Corporation (NYSE:PR - Free Report) by 44.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 400,000 shares of the company's stock after selling 319,200 shares during the quarter. Permian Resources accounts for approximately 0.9% of Ninepoint Partners LP's holdings, making the stock its 15th largest position. Ninepoint Partners LP's holdings in Permian Resources were worth $5,540,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PR. Vanguard Group Inc. grew its stake in shares of Permian Resources by 1.3% in 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 increased its stake in Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after buying an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Permian Resources during the 4th quarter worth about $431,676,000. Massachusetts Financial Services Co. MA lifted its stake in shares of Permian Resources by 1.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock worth $265,209,000 after acquiring an additional 291,444 shares during the period. Finally, Dimensional Fund Advisors LP boosted 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 valued at $169,864,000 after acquiring an additional 4,236,141 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Stock Up 1.1%

PR stock traded up $0.16 during midday trading on Friday, reaching $13.78. The company had a trading volume of 7,968,737 shares, compared to its average volume of 10,484,621. The company has a 50 day moving average of $13.70 and a two-hundred day moving average of $13.55. The company has a market capitalization of $11.07 billion, a P/E ratio of 8.50 and a beta of 1.25. Permian Resources Corporation has a 1 year low of $10.01 and a 1 year high of $16.33. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR - Get Free Report) last issued 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 firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the company earned $0.25 earnings per share. The business's revenue for the quarter was up 10.7% on a year-over-year basis. On average, equities research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, June 16th. This represents a $0.60 annualized dividend and a yield of 4.36%. Permian Resources's dividend payout ratio (DPR) is currently 37.04%.

Analyst Ratings Changes

A number of equities analysts have issued reports on PR shares. Susquehanna increased their price target on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research note on Wednesday. TD Cowen raised Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Bank of America upped their price target on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 23rd. The Goldman Sachs Group raised their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $23.00 target price (up from $20.00) on shares of Permian Resources in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, twelve have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Permian Resources currently has an average rating of "Buy" and an average target price of $18.47.

Permian Resources 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.