Sterling Capital Management LLC Lowers Position in Permian Resources Co. (NYSE:PR)

Sterling Capital Management LLC decreased its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 43.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 400,445 shares of the company's stock after selling 308,968 shares during the quarter. Sterling Capital Management LLC's holdings in Permian Resources were worth $5,758,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PR. Covestor Ltd increased its stake in shares of Permian Resources by 70.9% in the 4th quarter. Covestor Ltd now owns 18,069 shares of the company's stock valued at $260,000 after purchasing an additional 7,494 shares during the last quarter. Argent Trust Co boosted its stake in shares of Permian Resources by 10.9% in the 4th quarter. Argent Trust Co now owns 22,470 shares of the company's stock valued at $323,000 after purchasing an additional 2,200 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Permian Resources by 1.4% during the 4th quarter. Treasurer of the State of North Carolina now owns 371,560 shares of the company's stock worth $5,343,000 after acquiring an additional 5,020 shares during the period. Capital Fund Management S.A. lifted its stake in shares of Permian Resources by 456.2% in the 4th quarter. Capital Fund Management S.A. now owns 121,804 shares of the company's stock valued at $1,752,000 after purchasing an additional 99,904 shares during the period. Finally, DRW Securities LLC bought a new stake in shares of Permian Resources during the 4th quarter valued at about $1,599,000. Institutional investors own 91.84% of the company's stock.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn acquired 500,000 shares of the stock in a transaction on Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares of the company's stock, valued at $10,618,447.03. This represents a 160.04 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $58,058.50. Following the completion of the transaction, the chief financial officer now owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,685 shares of company stock valued at $135,687. Corporate insiders own 12.80% of the company's stock.

Permian Resources Trading Up 4.8 %

Shares of Permian Resources stock traded up $0.56 during trading on Thursday, reaching $12.06. The company's stock had a trading volume of 7,875,033 shares, compared to its average volume of 9,203,983. The company has a market cap of $9.69 billion, a price-to-earnings ratio of 7.31, a PEG ratio of 4.05 and a beta of 3.81. The firm's 50-day moving average is $13.14 and its two-hundred day moving average is $14.14. Permian Resources Co. has a 52-week low of $10.01 and a 52-week high of $17.67. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.15 per share. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.98%. Permian Resources's payout ratio is 41.96%.

Wall Street Analyst Weigh In

PR has been the topic of a number of research reports. Royal Bank of Canada dropped their target price on shares of Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Monday. Susquehanna raised Permian Resources from a "neutral" rating to a "positive" rating and raised their price objective for the company from $17.00 to $20.00 in a research note on Wednesday, March 5th. Bank of America lowered their price objective on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. Citigroup downgraded Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Finally, Williams Trading set a $19.00 price target on shares of Permian Resources in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.73.

Permian Resources Company 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.