Permian Resources Co. (NYSE:PR) Shares Sold by Palo Duro Investment Partners LP

Palo Duro Investment Partners LP lowered its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 31.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,959,864 shares of the company's stock after selling 901,366 shares during the quarter. Permian Resources comprises 8.2% of Palo Duro Investment Partners LP's holdings, making the stock its 4th biggest position. Palo Duro Investment Partners LP owned 0.24% of Permian Resources worth $28,183,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. McGowan Group Asset Management Inc. grew its position in Permian Resources by 32.5% during the fourth quarter. McGowan Group Asset Management Inc. now owns 27,223 shares of the company's stock worth $391,000 after buying an additional 6,674 shares in the last quarter. Lazard Asset Management LLC grew its position in Permian Resources by 23.3% during the fourth quarter. Lazard Asset Management LLC now owns 62,518 shares of the company's stock worth $897,000 after buying an additional 11,797 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Permian Resources by 15.6% in the 4th quarter. Janus Henderson Group PLC now owns 264,297 shares of the company's stock valued at $3,802,000 after buying an additional 35,700 shares in the last quarter. Ground Swell Capital LLC acquired a new position in shares of Permian Resources in the 4th quarter valued at approximately $187,000. Finally, Ethic Inc. raised its position in shares of Permian Resources by 85.4% in the 4th quarter. Ethic Inc. now owns 25,063 shares of the company's stock valued at $360,000 after buying an additional 11,542 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on PR. Royal Bank of Canada boosted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a research report on Friday. Citigroup cut shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Piper Sandler dropped their target price on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating for the company in a research report on Tuesday. UBS Group raised their price objective on Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Monday. Finally, Bank of America reduced their price objective on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and an average target price of $18.33.

Permian Resources Trading Down 0.4%

NYSE:PR 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 9,705,007. The company has a 50 day simple moving average of $12.58 and a 200-day simple moving average of $13.90. The company has a current ratio of 0.68, a quick 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 firm has a market capitalization of $10.84 billion, a P/E ratio of 8.18, a PEG ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the business earned $0.25 earnings per share. The firm's quarterly revenue was up 10.7% on a year-over-year basis. As a group, research analysts expect that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid 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 payout ratio is 37.04%.

Insider Activity

In other news, CFO Guy M. Oliphint sold 4,150 shares of the 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 sale, the chief financial officer now owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. This represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at approximately $822,525.36. The trade was a 4.45% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,685 shares of company stock valued at $135,687. Company insiders own 6.44% of the company's stock.

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.