Worldquant Millennium Advisors LLC Cuts Stock Position in Permian Resources Co. (NYSE:PR)

Worldquant Millennium Advisors LLC decreased its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 30.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 131,828 shares of the company's stock after selling 58,430 shares during the quarter. Worldquant Millennium Advisors LLC's holdings in Permian Resources were worth $1,896,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Principal Securities Inc. lifted its stake in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. Global Retirement Partners LLC boosted its position in Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after buying an additional 1,232 shares in the last quarter. Rakuten Securities Inc. boosted its position in Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after buying an additional 2,305 shares in the last quarter. RE Dickinson Investment Advisors LLC acquired a new position in shares of Permian Resources during the fourth quarter worth approximately $41,000. Finally, Lindbrook Capital LLC lifted its position in shares of Permian Resources by 294.8% during the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock worth $42,000 after purchasing an additional 2,155 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Stock Up 0.3%

PR traded up $0.04 during trading on Wednesday, hitting $12.87. 1,695,392 shares of the company's stock were exchanged, compared to its average volume of 9,677,406. 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 50 day moving average is $12.49 and its two-hundred day moving average is $13.84. Permian Resources Co. has a fifty-two week low of $10.01 and a fifty-two week high of $16.95. The stock has a market cap of $10.34 billion, a P/E ratio of 7.79, a PEG ratio of 4.05 and a beta of 1.20.

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

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.66%. The ex-dividend date is Monday, June 16th. Permian Resources's payout ratio is 37.04%.

Insider Buying and Selling

In other news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William J. Quinn bought 500,000 shares of the stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 over the last three months. 6.44% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on PR shares. The Goldman Sachs Group increased their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. Piper Sandler cut their target price on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Williams Trading set a $19.00 price target on shares of Permian Resources in a report on Wednesday, March 5th. UBS Group lifted their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Susquehanna reduced their target price on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Permian Resources has a consensus rating of "Moderate Buy" and an average price target of $18.56.

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.