Lord Abbett & CO. LLC Sells 1,091,534 Shares of Permian Resources Corporation $PR

Key Points

• Lord Abbett & CO. LLC has reduced its stake in Permian Resources Corporation (NYSE:PR) by 20.9%, selling over 1 million shares and now owning 4.13 million shares valued at approximately $57.2 million.
• Permian Resources reported $0.27 earnings per share for the last quarter, equaling analysts' expectations, though revenue fell short at $1.20 billion, down 3.9% year-over-year.
• The company announced a $0.15 quarterly dividend with a yield of 4.4%, set to be paid on September 30th for investors on record as of September 16th.

Lord Abbett & CO. LLC lessened its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 20.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,130,057 shares of the company's stock after selling 1,091,534 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.51% of Permian Resources worth $57,201,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. OneDigital Investment Advisors LLC lifted its stake in Permian Resources by 19.2% in the first quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock valued at $267,000 after acquiring an additional 3,107 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Permian Resources by 12.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock valued at $444,000 after purchasing an additional 3,547 shares during the period. Crossmark Global Holdings Inc. raised its holdings in shares of Permian Resources by 8.5% in the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock valued at $393,000 after purchasing an additional 2,215 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in Permian Resources by 27.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock valued at $425,000 after purchasing an additional 6,600 shares during the last quarter. Finally, Vontobel Holding Ltd. bought a new position in Permian Resources during the first quarter worth about $174,000. 91.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PR has been the topic of several research analyst reports. 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 note on Friday, May 23rd. Royal Bank Of Canada lifted their target price on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. Wall Street Zen cut Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Susquehanna raised their price target on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Finally, TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $18.53.

Permian Resources Stock Performance

NYSE:PR traded up $0.2450 during mid-day trading on Wednesday, reaching $13.3050. 8,920,591 shares of the company's stock were exchanged, compared to its average volume of 10,753,796. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The business's fifty day simple moving average is $13.86 and its two-hundred day simple moving average is $13.34. The firm has a market capitalization of $10.65 billion, a PE ratio of 8.64 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the business posted $0.39 EPS. The business's revenue was down 3.9% compared to the same quarter last year. Analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio (DPR) is 38.96%.

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.