SIR Capital Management L.P. Lowers Position in Permian Resources Co. (NYSE:PR)

SIR Capital Management L.P. trimmed its stake in Permian Resources Co. (NYSE:PR - Free Report) by 37.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,479,177 shares of the company's stock after selling 1,474,540 shares during the period. Permian Resources comprises approximately 3.7% of SIR Capital Management L.P.'s investment portfolio, making the stock its 3rd biggest position. SIR Capital Management L.P. owned approximately 0.31% of Permian Resources worth $35,651,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Wedmont Private Capital grew its holdings in Permian Resources by 13.1% during the 4th quarter. Wedmont Private Capital now owns 16,541 shares of the company's stock worth $250,000 after acquiring an additional 1,915 shares during the period. Hennion & Walsh Asset Management Inc. grew its holdings in Permian Resources by 36.4% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 34,345 shares of the company's stock worth $494,000 after acquiring an additional 9,165 shares during the period. Saxon Interests Inc. grew its holdings in Permian Resources by 59.8% during the 4th quarter. Saxon Interests Inc. now owns 21,313 shares of the company's stock worth $306,000 after acquiring an additional 7,973 shares during the period. UMB Bank n.a. grew its holdings in Permian Resources by 61.2% during the 4th quarter. UMB Bank n.a. now owns 4,500 shares of the company's stock worth $65,000 after acquiring an additional 1,709 shares during the period. Finally, Regent Peak Wealth Advisors LLC acquired a new stake in Permian Resources during the 4th quarter worth about $185,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Citigroup cut shares of Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Bank of America dropped their price target on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. UBS Group raised their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, May 12th. JPMorgan Chase & Co. dropped their price target on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Morgan Stanley dropped their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.33.

Permian Resources Price Performance

Shares of NYSE PR traded down $0.06 during mid-day trading on Friday, reaching $13.50. 6,532,569 shares of the company were exchanged, compared to its average volume of 9,714,087. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $16.95. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $10.84 billion, a PE ratio of 8.18, a PEG ratio of 4.05 and a beta of 1.20. The company's 50 day moving average price is $12.58 and its 200 day moving average price is $13.90.

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 for the quarter, missing the consensus estimate of $0.44 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. Sell-side analysts forecast that Permian Resources Co. will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.45%. The ex-dividend date is Monday, June 16th. Permian Resources's dividend payout ratio is presently 37.04%.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the transaction, the executive vice president now owns 74,433 shares in the company, valued at $1,044,294.99. The trade was a 3.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William J. Quinn acquired 500,000 shares of the business's stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. This trade represents a 160.04% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 9,685 shares of company stock worth $135,687. 6.44% of the stock is currently owned by company insiders.

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.