Silvercrest Asset Management Group LLC Cuts Stock Position in Permian Resources Co. (NYSE:PR)

Silvercrest Asset Management Group LLC lessened its stake in Permian Resources Co. (NYSE:PR - Free Report) by 14.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 359,470 shares of the company's stock after selling 62,684 shares during the quarter. Silvercrest Asset Management Group LLC's holdings in Permian Resources were worth $5,169,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC purchased a new stake in Permian Resources in the 4th quarter worth $632,000. Charles Schwab Investment Management Inc. increased its holdings in Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock worth $62,407,000 after acquiring an additional 176,320 shares in the last quarter. New York State Teachers Retirement System increased its holdings in Permian Resources by 36.9% in the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock worth $3,881,000 after acquiring an additional 72,726 shares in the last quarter. Perpetual Ltd purchased a new stake in Permian Resources in the 4th quarter worth $27,104,000. Finally, Channing Capital Management LLC increased its holdings in Permian Resources by 286.1% in the 4th quarter. Channing Capital Management LLC now owns 620,138 shares of the company's stock worth $8,918,000 after acquiring an additional 459,516 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Down 0.4%

NYSE PR opened at $13.50 on Monday. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $16.95. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The business's fifty day simple moving average is $12.58 and its 200-day simple moving average is $13.90. The firm has a market cap of $10.84 billion, a PE ratio of 8.18, a P/E/G ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The company had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm's quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 earnings per share. As a group, equities analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 annualized dividend and a yield of 4.45%. Permian Resources's dividend payout ratio (DPR) is currently 37.04%.

Wall Street Analyst Weigh In

PR has been the topic of several recent research reports. Citigroup cut shares of Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Royal Bank of Canada lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Friday. Susquehanna lowered their target price on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. lowered their target price on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, UBS 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 Monday, May 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $18.33.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 4,150 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the sale, the chief financial officer now directly owns 130,467 shares in the company, valued at $1,825,233.33. This represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,685 shares of company stock worth $135,687. Company insiders own 6.44% of the company's stock.

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.

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