Permian Resources Co. (NYSE:PR) Position Reduced by Millennium Management LLC

Millennium Management LLC cut its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 31.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,835,281 shares of the company's stock after selling 2,200,339 shares during the quarter. Millennium Management LLC owned 0.60% of Permian Resources worth $69,531,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PR. Kingsview Wealth Management LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at $632,000. Charles Schwab Investment Management Inc. raised its position in Permian Resources by 4.2% in 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 position in shares of Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock worth $3,881,000 after buying an additional 72,726 shares in the last quarter. Perpetual Ltd purchased a new stake in shares of Permian Resources during the fourth quarter worth approximately $27,104,000. Finally, Channing Capital Management LLC raised its holdings in Permian Resources by 286.1% in the fourth quarter. Channing Capital Management LLC now owns 620,138 shares of the company's stock valued at $8,918,000 after acquiring an additional 459,516 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

PR traded down $0.25 during trading on Wednesday, hitting $13.01. The stock had a trading volume of 1,476,436 shares, compared to its average volume of 9,674,429. The firm has a market capitalization of $10.46 billion, a P/E ratio of 7.89, a PEG ratio of 4.05 and a beta of 1.20. 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 Co. has a twelve month low of $10.01 and a twelve month high of $16.95. The company's 50-day moving average price is $12.59 and its 200 day moving average price is $13.90.

Permian Resources (NYSE:PR - Get Free Report) last posted 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 business had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. During the same quarter last year, the firm earned $0.25 earnings per share. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts forecast that Permian Resources Co. will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.61%. Permian Resources's dividend payout ratio is currently 37.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PR shares. 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 research report on Tuesday, May 13th. JPMorgan Chase & Co. dropped their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Citigroup downgraded Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Williams Trading set a $19.00 price objective on Permian Resources in a report on Wednesday, March 5th. Finally, UBS Group boosted their target price on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. One analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and a consensus price target of $18.63.

Insider Activity at Permian Resources

In related news, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was 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. This trade represents a 3.08% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William J. Quinn acquired 500,000 shares of the company's stock in a transaction on Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, the director now directly 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. In the last 90 days, insiders have sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is owned by corporate insiders.

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.