Focus Partners Wealth Decreases Holdings in Permian Resources Co. (NYSE:PR)

Focus Partners Wealth decreased its stake in Permian Resources Co. (NYSE:PR - Free Report) by 50.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 251,885 shares of the company's stock after selling 254,177 shares during the period. Focus Partners Wealth's holdings in Permian Resources were worth $3,622,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. Vanguard Group Inc. lifted its stake in Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after buying an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Permian Resources during the 4th quarter valued at $431,676,000. Massachusetts Financial Services Co. MA grew its stake in shares of Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock worth $265,209,000 after acquiring an additional 291,444 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Permian Resources by 7.2% in the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock worth $196,025,000 after acquiring an additional 909,740 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Permian Resources

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

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Piper Sandler dropped their price objective on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Tuesday. Citigroup cut shares of Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Bank of America reduced their price objective on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Morgan Stanley lowered their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Finally, Williams Trading set a $19.00 target price on Permian Resources in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.47.

Permian Resources Price Performance

Permian Resources stock opened at $13.53 on Friday. The stock has a market cap of $10.87 billion, a price-to-earnings ratio of 8.20, a PEG ratio of 4.05 and a beta of 1.20. 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 has a 50-day simple moving average of $12.57 and a 200 day simple moving average of $13.90. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $16.95.

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

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date is Monday, June 16th. Permian Resources's payout ratio is 37.04%.

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.

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