Woodline Partners LP Decreases Stock Position in Permian Resources Co. (NYSE:PR)

Woodline Partners LP cut its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 67.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,792,739 shares of the company's stock after selling 5,891,257 shares during the period. Woodline Partners LP owned about 0.35% of Permian Resources worth $40,160,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PR. Principal Securities Inc. raised its position in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after acquiring an additional 852 shares during the period. Global Retirement Partners LLC increased its stake in shares of Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. raised its holdings in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after purchasing an additional 2,305 shares during the period. RE Dickinson Investment Advisors LLC bought a new stake in shares of Permian Resources in the 4th quarter worth approximately $41,000. Finally, Lindbrook Capital LLC lifted its stake in Permian Resources by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock valued at $42,000 after purchasing an additional 2,155 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Piper Sandler decreased their target price on Permian Resources from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Morgan Stanley decreased their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Bank of America upped their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday. UBS Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, The Goldman Sachs Group boosted their price target 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. One analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Permian Resources has an average rating of "Moderate Buy" and a consensus target price of $18.56.

Permian Resources Price Performance

Shares of Permian Resources stock traded down $0.14 during trading on Monday, hitting $12.71. The stock had a trading volume of 6,310,562 shares, compared to its average volume of 9,709,277. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12 month low of $10.01 and a 12 month high of $16.95. The firm has a market cap of $10.21 billion, a price-to-earnings ratio of 7.70, a P/E/G ratio of 4.05 and a beta of 1.20. The business's 50-day moving average is $12.55 and its 200 day moving average is $13.87.

Permian Resources (NYSE:PR - Get Free Report) last posted its 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 return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Permian Resources's quarterly revenue was up 10.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's dividend payout ratio is currently 37.04%.

Insider Buying and Selling at Permian Resources

In other news, CFO Guy M. Oliphint sold 4,150 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, the chief financial officer now directly owns 130,467 shares in the company, valued at approximately $1,825,233.33. This represents a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock worth $135,687 over the last three months. 6.44% of the stock is owned by insiders.

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.