Man Group plc Reduces Stock Position in Permian Resources Co. (NYSE:PR)

Man Group plc reduced its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 22.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,517,595 shares of the company's stock after selling 440,869 shares during the period. Man Group plc owned 0.19% of Permian Resources worth $21,823,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PR. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Permian Resources in the fourth quarter worth approximately $431,676,000. Price T Rowe Associates Inc. MD increased its holdings in Permian Resources by 60.4% during 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 last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after acquiring an additional 4,236,141 shares during the last quarter. Freestone Grove Partners LP bought a new stake in shares of Permian Resources during the 4th quarter valued at $57,114,000. Finally, Invesco Ltd. grew its position in shares of Permian Resources by 56.1% during the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock valued at $113,900,000 after acquiring an additional 2,845,449 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Down 0.5%

NYSE PR traded down $0.06 during trading on Tuesday, reaching $13.27. 7,057,605 shares of the company's stock traded hands, compared to its average volume of 9,706,121. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $16.95. The firm has a market cap of $10.66 billion, a price-to-earnings ratio of 8.04, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company's 50 day simple moving average is $12.58 and its two-hundred day simple moving average is $13.90.

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

Permian Resources Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date is Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is presently 37.04%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Piper Sandler cut their price objective on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Bank of America decreased their price target on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. Williams Trading set a $19.00 price target on shares of Permian Resources in a research note on Wednesday, March 5th. Royal Bank of Canada increased their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research note on Friday. Finally, JPMorgan Chase & Co. reduced 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.63.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the sale, the executive vice president now owns 74,433 shares of the company's stock, valued at $1,044,294.99. The trade was a 3.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William J. Quinn bought 500,000 shares of the stock in a transaction on Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 9,685 shares of company stock worth $135,687 in the last three months. Corporate insiders own 6.44% of the company's stock.

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.