Permian Resources Corporation $PR Shares Sold by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & Co. LLC cut its Permian Resources stake by 14.9% in the fourth quarter, selling over 1.0 million shares and ending with 5.87 million shares worth about $82.3 million.
• Insider selling has also been notable, including director William J. Quinn and EVP Guy M. Oliphint, with insiders selling 588,198 shares over the last 90 days.
• Analysts remain mostly constructive despite one downgrade, with a consensus rating of “Moderate Buy” and an average price target of $22.69; the company also recently beat EPS estimates and announced a quarterly dividend of $0.16 per share.

Lord Abbett & CO. LLC trimmed its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 14.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,868,810 shares of the company's stock after selling 1,029,764 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.71% of Permian Resources worth $82,339,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of PR. Bank of New York Mellon Corp boosted its position in shares of Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock worth $352,906,000 after buying an additional 13,483,136 shares during the period. Boston Partners boosted its position in shares of Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock worth $222,099,000 after buying an additional 7,503,654 shares during the period. Vanguard Group Inc. boosted its position in shares of Permian Resources by 10.4% in the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company's stock worth $914,733,000 after buying an additional 6,705,644 shares during the period. Millennium Management LLC boosted its position in shares of Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company's stock worth $126,081,000 after buying an additional 6,678,814 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Permian Resources by 20.9% in the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company's stock worth $346,919,000 after buying an additional 4,691,280 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Activity at Permian Resources

In related news, Director William J. Quinn sold 512,429 shares of Permian Resources stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the completion of the sale, the director owned 6,914,410 shares of the company's stock, valued at approximately $135,453,291.90. This trade represents a 6.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares of the company's stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 588,198 shares of company stock valued at $11,576,280. Insiders own 5.00% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Zacks Research cut Permian Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. Royal Bank Of Canada raised their target price on Permian Resources from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Monday, March 2nd. Roth Mkm reaffirmed a "neutral" rating and issued a $22.00 target price (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. TD Cowen raised their target price on Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, March 17th. Finally, Wells Fargo & Company set a $26.00 target price on Permian Resources in a research report on Monday, May 25th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Permian Resources has a consensus rating of "Moderate Buy" and an average target price of $22.69.

Permian Resources Price Performance

PR opened at $19.48 on Friday. The stock has a market cap of $16.31 billion, a price-to-earnings ratio of 22.65 and a beta of 0.48. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average price of $20.32 and a 200 day moving average price of $17.74.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business's revenue for the quarter was up .9% on a year-over-year basis. During the same quarter last year, the firm earned $0.44 earnings per share. Analysts forecast that Permian Resources Corporation will post 2.01 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.3%. Permian Resources's dividend payout ratio (DPR) is presently 74.42%.

About Permian Resources

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

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