Permian Resources Co. (NYSE:PR) Shares Purchased by Northern Trust Corp

Northern Trust Corp raised its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 20.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,223,935 shares of the company's stock after buying an additional 899,291 shares during the quarter. Northern Trust Corp owned about 0.65% of Permian Resources worth $75,120,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after purchasing an additional 870,622 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after buying an additional 12,306,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Permian Resources during the 4th quarter worth approximately $431,676,000. Massachusetts Financial Services Co. MA raised its position in shares of Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after buying an additional 291,444 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Permian Resources by 7.2% in the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock valued at $196,025,000 after acquiring an additional 909,740 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of PR stock traded up $0.03 during mid-day trading on Friday, reaching $13.04. The stock had a trading volume of 9,695,979 shares, compared to its average volume of 9,897,081. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $17.44. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The business has a 50-day simple moving average of $12.46 and a 200 day simple moving average of $13.91. The company has a market cap of $10.48 billion, a P/E ratio of 7.90, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR - Get Free Report) last announced its 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). The business had revenue of $1.38 billion for 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 was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 EPS. On average, sell-side analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The business 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. This represents a $0.60 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date is Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is presently 41.96%.

Insiders Place Their Bets

In other Permian Resources news, CFO Guy M. Oliphint sold 4,150 shares of the business's stock in a transaction on 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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. Corporate insiders own 6.44% of the company's stock.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of research analyst reports. Citigroup downgraded Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Piper Sandler decreased their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Royal Bank of Canada dropped their price target on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Williams Trading set a $19.00 target price on Permian Resources in a report on Wednesday, March 5th. Finally, Susquehanna dropped their price target on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Permian Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.67.

Permian Resources 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.