Jennison Associates LLC Has $43.62 Million Stake in Permian Resources Co. (NASDAQ:PR)

Jennison Associates LLC lowered its position in shares of Permian Resources Co. (NASDAQ:PR - Free Report) by 41.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,207,627 shares of the company's stock after selling 2,281,552 shares during the quarter. Jennison Associates LLC owned 0.41% of Permian Resources worth $43,624,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Arizona State Retirement System grew its stake in shares of Permian Resources by 1.5% during the 3rd quarter. Arizona State Retirement System now owns 71,590 shares of the company's stock worth $999,000 after purchasing an additional 1,041 shares during the period. Orion Portfolio Solutions LLC grew its stake in Permian Resources by 2.1% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 62,816 shares of the company's stock valued at $877,000 after acquiring an additional 1,275 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Permian Resources by 6.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 34,491 shares of the company's stock valued at $481,000 after acquiring an additional 1,981 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Permian Resources by 6.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company's stock valued at $471,000 after acquiring an additional 2,063 shares during the last quarter. Finally, Advisor Partners II LLC grew its stake in Permian Resources by 2.2% in the 3rd quarter. Advisor Partners II LLC now owns 102,155 shares of the company's stock valued at $1,426,000 after acquiring an additional 2,219 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Insider Activity at Permian Resources

In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the sale, the insider now owns 25,477,527 shares of the company's stock, valued at $400,251,949.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now owns 1,062,345 shares of the company's stock, valued at $15,457,119.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares of the company's stock, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Company insiders own 23.14% of the company's stock.

Permian Resources Trading Up 0.5 %

Shares of PR stock traded up $0.08 during trading hours on Wednesday, hitting $17.26. 8,767,179 shares of the company were exchanged, compared to its average volume of 9,412,222. Permian Resources Co. has a 1 year low of $8.94 and a 1 year high of $18.28. The firm has a fifty day moving average of $16.58 and a 200 day moving average of $14.65. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The firm has a market cap of $13.32 billion, a PE ratio of 14.88 and a beta of 4.35.

Permian Resources (NASDAQ:PR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Analysts expect that Permian Resources Co. will post 1.72 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.16%. Permian Resources's payout ratio is 17.24%.

Analyst Ratings Changes

PR has been the topic of a number of research reports. Piper Sandler increased their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, April 19th. Mizuho raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, April 15th. JPMorgan Chase & Co. raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Friday, April 12th. Wells Fargo & Company raised their price target on shares of Permian Resources from $18.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 17th. Finally, Raymond James initiated coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They set a "strong-buy" rating and a $24.00 price target on the stock. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of "Moderate Buy" and an average target price of $19.31.

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.