Merewether Investment Management LP Reduces Position in Permian Resources Co. (NYSE:PR)

Merewether Investment Management LP lowered its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 22.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,621,015 shares of the company's stock after selling 1,068,334 shares during the quarter. Permian Resources comprises 2.1% of Merewether Investment Management LP's portfolio, making the stock its 16th largest position. Merewether Investment Management LP owned approximately 0.45% of Permian Resources worth $52,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of PR. Principal Financial Group Inc. boosted its stake in Permian Resources by 35.3% during the third quarter. Principal Financial Group Inc. now owns 3,984,490 shares of the company's stock worth $54,235,000 after acquiring an additional 1,038,489 shares in the last quarter. Wedmont Private Capital boosted its stake in Permian Resources by 13.1% during the fourth quarter. Wedmont Private Capital now owns 16,541 shares of the company's stock worth $250,000 after acquiring an additional 1,915 shares in the last quarter. Wright Investors Service Inc. bought a new stake in Permian Resources during the fourth quarter worth about $498,000. Richard P Slaughter Associates Inc boosted its stake in Permian Resources by 1.2% during the fourth quarter. Richard P Slaughter Associates Inc now owns 301,003 shares of the company's stock worth $4,328,000 after acquiring an additional 3,474 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in Permian Resources by 36.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 34,345 shares of the company's stock worth $494,000 after acquiring an additional 9,165 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of NYSE PR traded down $0.06 during midday trading on Friday, reaching $13.50. The stock had a trading volume of 6,532,569 shares, compared to its average volume of 9,714,087. The stock has a 50-day moving average of $12.58 and a 200-day moving average of $13.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of 8.18, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $16.95.

Permian Resources (NYSE:PR - Get Free Report) last posted its 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). The company had revenue of $1.38 billion for 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 business's revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.25 earnings per share. As a group, research analysts anticipate that Permian Resources Co. will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.45%. Permian Resources's payout ratio is currently 37.04%.

Insiders Place Their Bets

In other news, Director William J. Quinn purchased 500,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This trade represents a 160.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources 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 transaction, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at approximately $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 9,685 shares of company stock valued at $135,687 in the last three months. Corporate insiders own 6.44% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PR shares. UBS Group upped 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. The Goldman Sachs Group upped 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 Friday. Bank of America dropped their target price 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. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Finally, Piper Sandler dropped their target price on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and a consensus target price of $18.33.

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.