Man Group plc trimmed 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 filing with the Securities and Exchange Commission. 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 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC purchased a new stake in shares of Permian Resources during the fourth quarter valued at approximately $632,000. Charles Schwab Investment Management Inc. grew its holdings in Permian Resources by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock valued at $62,407,000 after purchasing an additional 176,320 shares in the last quarter. New York State Teachers Retirement System grew its holdings in Permian Resources by 36.9% during the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock valued at $3,881,000 after purchasing an additional 72,726 shares in the last quarter. Perpetual Ltd purchased a new stake in Permian Resources during the 4th quarter worth $27,104,000. Finally, Channing Capital Management LLC increased its stake in Permian Resources by 286.1% during the 4th quarter. Channing Capital Management LLC now owns 620,138 shares of the company's stock worth $8,918,000 after buying an additional 459,516 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Permian Resources
In related news, Director William J. Quinn acquired 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 in the last quarter. Insiders own 6.44% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on PR shares. Royal Bank of Canada upped their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. Piper Sandler cut their price target on Permian Resources from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. The Goldman Sachs Group raised their price objective on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Williams Trading set a $19.00 price objective on Permian Resources in a report on Wednesday, March 5th. Finally, Raymond James reaffirmed a "strong-buy" rating and issued a $23.00 target price (up from $20.00) on shares of Permian Resources in a research report on Monday. One analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.63.
Get Our Latest Stock Analysis on PR
Permian Resources Stock Performance
Shares of PR traded down $0.22 during mid-day trading on Thursday, hitting $12.76. The stock had a trading volume of 2,993,323 shares, compared to its average volume of 9,680,011. Permian Resources Co. has a fifty-two week low of $10.01 and a fifty-two 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 company has a market cap of $10.25 billion, a PE ratio of 7.73, a PEG ratio of 4.05 and a beta of 1.20. The company's fifty day simple moving average is $12.58 and its two-hundred day simple moving average is $13.89.
Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the firm earned $0.25 EPS. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities analysts expect that Permian Resources Co. will post 1.45 earnings per share for the current year.
Permian Resources Announces Dividend
The firm 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 annualized dividend and a dividend yield of 4.70%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is presently 37.04%.
About Permian Resources
(
Free Report)
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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