Permian Resources Co. (NYSE:PR) Shares Sold by Millennium Management LLC

Millennium Management LLC reduced its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 31.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PR. Principal Securities Inc. grew its holdings in shares of 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 period. Global Retirement Partners LLC raised its holdings in Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. boosted its position in Permian Resources by 1,152.5% during the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after purchasing an additional 2,305 shares in the last quarter. RE Dickinson Investment Advisors LLC acquired a new stake in Permian Resources in the fourth quarter valued at $41,000. Finally, Lindbrook Capital LLC increased its position in shares of Permian Resources by 294.8% in the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company's stock valued at $42,000 after buying an additional 2,155 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on PR. Susquehanna decreased their price objective on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. Bank of America dropped their target price on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. Williams Trading set a $19.00 price target on shares of Permian Resources in a report on Wednesday, March 5th. Piper Sandler dropped 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 note on Tuesday, May 13th. Finally, Royal Bank of Canada lifted their price objective on Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $18.33.

Insider Activity at Permian Resources

In other news, Director William J. Quinn purchased 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $58,058.50. Following the completion of the transaction, the chief financial officer now owns 130,467 shares in the company, valued at approximately $1,825,233.33. This trade represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,685 shares of company stock worth $135,687. 6.44% of the stock is owned by company insiders.

Permian Resources Trading Down 0.4%

Shares of PR stock traded down $0.06 during mid-day trading on Friday, hitting $13.50. 6,532,569 shares of the company's stock were exchanged, compared to its average volume of 9,714,087. The stock has a market cap of $10.84 billion, a price-to-earnings ratio of 8.18, a PEG ratio of 4.05 and a beta of 1.20. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a fifty-two week low of $10.01 and a fifty-two week high of $16.95. The stock has a 50-day simple moving average of $12.58 and a two-hundred day simple moving average of $13.90.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (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 previous year, the business posted $0.25 earnings per share. The firm's quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts expect 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 given a $0.15 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.45%. Permian Resources's dividend payout ratio is presently 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.