Permian Resources Co. (NYSE:PR) is Palo Duro Investment Partners LP's 4th Largest Position

Palo Duro Investment Partners LP reduced its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 31.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,959,864 shares of the company's stock after selling 901,366 shares during the quarter. Permian Resources accounts for 8.2% of Palo Duro Investment Partners LP's holdings, making the stock its 4th largest position. Palo Duro Investment Partners LP owned approximately 0.24% of Permian Resources worth $28,183,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Kingsview Wealth Management LLC acquired a new position in Permian Resources in the fourth quarter valued at approximately $632,000. Wright Investors Service Inc. purchased a new position in Permian Resources in the fourth quarter valued at $498,000. Charles Schwab Investment Management Inc. increased its holdings in Permian Resources by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock valued at $62,407,000 after buying an additional 176,320 shares during the last quarter. New York State Teachers Retirement System increased its holdings in Permian Resources by 36.9% in the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock valued at $3,881,000 after buying an additional 72,726 shares during the last quarter. Finally, Perpetual Ltd purchased a new position in shares of Permian Resources during the fourth quarter worth about $27,104,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

NYSE:PR traded down $0.18 during mid-day trading on Monday, reaching $13.34. The stock had a trading volume of 3,507,553 shares, compared to its average volume of 9,468,313. The business has a 50 day simple moving average of $12.58 and a 200 day simple moving average of $13.90. Permian Resources Co. has a twelve month low of $10.01 and a twelve month high of $16.95. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a market capitalization of $10.71 billion, a price-to-earnings ratio of 8.09, a PEG ratio of 4.05 and a beta of 1.20.

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 (EPS) 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 company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the business posted $0.25 earnings per share. Permian Resources's revenue was up 10.7% on a year-over-year basis. On average, analysts expect that Permian Resources Co. will post 1.45 earnings per share for the current fiscal 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 given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.50%. Permian Resources's payout ratio is 37.04%.

Insider Activity

In other Permian Resources news, Director William J. Quinn acquired 500,000 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. This trade represents a 160.04% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at approximately $822,525.36. This trade represents a 4.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,685 shares of company stock worth $135,687. Company insiders own 6.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PR shares. UBS Group raised their price objective on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Bank of America dropped their price objective on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Susquehanna dropped their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Citigroup lowered Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Finally, Williams Trading set a $19.00 price target on Permian Resources in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Permian Resources has an average rating of "Moderate Buy" and a consensus target price of $18.33.

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.