Rafferty Asset Management LLC Cuts Stock Position in Permian Resources Corporation $PR

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 cut its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 8.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 406,810 shares of the company's stock after selling 38,096 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.05% of Permian Resources worth $5,634,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Hsbc Holdings PLC bought a new position in Permian Resources in the fourth quarter valued at about $2,199,000. Coldstream Capital Management Inc. raised its position in shares of Permian Resources by 8.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 13,355 shares of the company's stock worth $192,000 after acquiring an additional 1,009 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Permian Resources during the fourth quarter worth about $1,559,000. Tudor Investment Corp ET AL raised its position in shares of Permian Resources by 127.4% during the fourth quarter. Tudor Investment Corp ET AL now owns 155,212 shares of the company's stock worth $2,232,000 after acquiring an additional 86,959 shares during the last quarter. Finally, Beacon Pointe Advisors LLC bought a new position in shares of Permian Resources during the fourth quarter worth about $302,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on PR. Susquehanna raised their target price on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. William Blair began coverage on Permian Resources in a research note on Monday, August 25th. They set an "outperform" rating for the company. Morgan Stanley raised their target price on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Piper Sandler raised their target price on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Finally, UBS Group raised their target price on Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $18.47.

Permian Resources Stock Performance

Permian Resources stock traded down $0.51 during mid-day trading on Wednesday, reaching $14.01. 4,694,510 shares of the company's stock were exchanged, compared to its average volume of 10,083,778. The business's fifty day simple moving average is $13.78 and its 200 day simple moving average is $13.30. The firm has a market capitalization of $11.21 billion, a PE ratio of 9.10 and a beta of 1.42. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34.

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

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 dividend yield of 4.3%. The ex-dividend date is Tuesday, September 16th. Permian Resources's payout ratio is presently 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.