GeoSphere Capital Management LLC Has $2.70 Million Stock Position in Permian Resources Co. (NYSE:PR)

GeoSphere Capital Management LLC lowered its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 31.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 187,500 shares of the company's stock after selling 87,500 shares during the period. Permian Resources comprises 1.3% of GeoSphere Capital Management LLC's portfolio, making the stock its 14th largest holding. GeoSphere Capital Management LLC's holdings in Permian Resources were worth $2,696,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Permian Resources in the fourth quarter valued at approximately $431,676,000. Price T Rowe Associates Inc. MD grew its stake in Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock worth $469,856,000 after buying an additional 12,306,854 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Permian Resources by 55.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after purchasing an additional 4,236,141 shares during the period. Freestone Grove Partners LP purchased a new position in shares of Permian Resources in the fourth quarter valued at $57,114,000. Finally, Invesco Ltd. raised its holdings in Permian Resources by 56.1% in the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock valued at $113,900,000 after acquiring an additional 2,845,449 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on PR. Citigroup cut shares of Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Bank of America lowered their price target on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. JPMorgan Chase & Co. decreased their target price on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Morgan Stanley reduced their price objective on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Finally, Royal Bank of Canada reduced their price objective on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Permian Resources has a consensus rating of "Moderate Buy" and an average price target of $18.47.

Permian Resources Stock Down 3.7%

PR traded down $0.51 during midday trading on Thursday, hitting $13.29. 357,926 shares of the company's stock traded hands, compared to its average volume of 9,734,500. The company has a market cap of $10.68 billion, a PE ratio of 8.05, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The stock's fifty day simple moving average is $12.55 and its 200-day simple moving average is $13.90. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a one year low of $10.01 and a one year high of $16.95.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources's revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 EPS. As a group, equities analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company 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 $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date is Monday, June 16th. Permian Resources's dividend payout ratio is 37.04%.

Insider Activity

In other news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares of the company's stock, valued at $822,525.36. This trade represents a 4.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William J. Quinn acquired 500,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now owns 812,429 shares of the company's stock, valued at $10,618,447.03. The trade was a 160.04% increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 over the last 90 days. 6.44% of the stock is currently owned by company insiders.

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.