Price T Rowe Associates Inc. MD Sells 2,760,081 Shares of Permian Resources Corporation $PR

Key Points

• Price T Rowe Associates Inc. reduced its holdings in Permian Resources Corporation by 8.4%, owning approximately 29.9 million shares valued at $414.3 million after selling 2.76 million shares in the first quarter.
• Wells Fargo, Morgan Stanley, and several other analysts raised their price targets for Permian Resources, with a consensus target of $18.53 and various ratings of "Buy" or "Strong Buy."
• Permian Resources recently announced a quarterly dividend of $0.15 per share, which translates to an annualized yield of 4.4%.

Price T Rowe Associates Inc. MD trimmed its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 8.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,914,090 shares of the company's stock after selling 2,760,081 shares during the quarter. Price T Rowe Associates Inc. MD owned about 3.72% of Permian Resources worth $414,312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Permian Resources in the 4th quarter worth about $431,676,000. Dimensional Fund Advisors LP increased its stake in Permian Resources by 19.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock valued at $195,276,000 after purchasing an additional 2,286,363 shares in the last quarter. Nuveen LLC bought a new stake in Permian Resources during the 1st quarter valued at about $175,525,000. Invesco Ltd. increased its stake in Permian Resources by 8.9% during the 1st quarter. Invesco Ltd. now owns 8,622,575 shares of the company's stock valued at $119,423,000 after purchasing an additional 701,825 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its stake in Permian Resources by 9.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,364,652 shares of the company's stock valued at $120,284,000 after purchasing an additional 709,923 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on PR. Wells Fargo & Company raised their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Susquehanna raised their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. Raymond James Financial restated a "strong-buy" rating and set a $23.00 price objective (up from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. 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 note on Friday, May 16th. Finally, TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $18.53.

Permian Resources Stock Performance

Shares of NYSE PR traded up $0.29 during trading on Wednesday, reaching $14.16. 8,680,679 shares of the company traded hands, compared to its average volume of 10,114,009. The firm has a 50 day simple moving average of $13.78 and a 200-day simple moving average of $13.31. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $11.33 billion, a PE ratio of 9.19 and a beta of 1.32. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33.

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

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.2%. Permian Resources's dividend payout ratio (DPR) is presently 38.96%.

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.