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

Merewether Investment Management LP decreased its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 22.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,621,015 shares of the company's stock after selling 1,068,334 shares during the period. Permian Resources accounts for about 2.1% of Merewether Investment Management LP's investment portfolio, making the stock its 16th largest position. Merewether Investment Management LP owned about 0.45% of Permian Resources worth $52,070,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Principal Securities Inc. increased its stake in Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock worth $29,000 after acquiring an additional 852 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after buying an additional 1,232 shares during the last quarter. Rakuten Securities Inc. lifted its holdings in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after acquiring an additional 2,305 shares during the last quarter. RE Dickinson Investment Advisors LLC bought a new stake in Permian Resources in the fourth quarter worth about $41,000. Finally, Lindbrook Capital LLC lifted its stake in shares of Permian Resources by 294.8% during the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock worth $42,000 after acquiring an additional 2,155 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The shares were 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 $822,525.36. The trade was a 4.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the sale, the chief financial officer now directly owns 130,467 shares in the company, valued at approximately $1,825,233.33. The trade was a 3.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 in the last 90 days. 6.44% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PR shares. Morgan Stanley reduced their price target on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Royal Bank of Canada cut their target price on Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Bank of America lowered their price target on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Truist Financial upped their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Finally, JPMorgan Chase & Co. dropped their price target on 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 research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, Permian Resources currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.53.

Permian Resources Stock Up 4.7%

PR opened at $13.63 on Tuesday. The company has a fifty day moving average of $12.49 and a two-hundred day moving average of $13.90. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 8.26, a PEG ratio of 4.05 and a beta of 1.20. 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 debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

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). The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 EPS. On average, research analysts expect that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a dividend of $0.15 per share. The ex-dividend date is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.40%. Permian Resources's payout ratio is currently 37.04%.

About Permian Resources

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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