Permian Resources Corporation $PR Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its holdings in Permian Resources Corporation by 8.6%, now owning approximately 406,810 shares worth about $5.6 million.
• Institutional investors have increased their stakes significantly, with a notable purchase of $431.68 million worth of shares by Barrow Hanley Mewhinney & Strauss LLC in the fourth quarter.
• Permian Resources declared a quarterly dividend of $0.15 per share, representing an annualized yield of 4.1%, with a payout ratio of 38.96%.

Rafferty Asset Management LLC lowered its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 8.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 406,810 shares of the company's stock after selling 38,096 shares during the period. Rafferty Asset Management LLC owned about 0.05% of Permian Resources worth $5,634,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Allworth Financial LP increased its stake in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after purchasing an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC acquired a new stake in Permian Resources during the 1st quarter worth $30,000. Keystone Global Partners LLC acquired a new stake in Permian Resources during the 1st quarter worth $36,000. Brooklyn Investment Group boosted its stake in Permian Resources by 433.9% during the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock worth $43,000 after purchasing an additional 2,534 shares during the last quarter. Finally, Tsfg LLC acquired a new stake in Permian Resources during the 1st quarter worth $46,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Trading Down 0.9%

Shares of PR stock traded down $0.14 on Friday, hitting $14.32. 8,876,826 shares of the stock traded hands, compared to its average volume of 10,235,610. The firm's 50-day moving average price is $13.76 and its two-hundred day moving average price is $13.29. 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 stock has a market capitalization of $11.46 billion, a PE ratio of 9.30 and a beta of 1.42. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month 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 for the quarter, meeting the consensus estimate of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company's revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. As a group, analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given 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 yield of 4.2%. Permian Resources's dividend payout ratio is presently 38.96%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Morgan Stanley lifted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. William Blair assumed coverage on shares of Permian Resources in a research note on Monday, August 25th. They set an "outperform" rating on the stock. Wells Fargo & Company lifted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Finally, The Goldman Sachs 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 Friday, May 16th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Permian Resources currently has an average rating of "Buy" and an average price target of $18.53.

Permian Resources Company 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.