Permian Resources Co. (NYSE:PR) Shares Sold by Versor Investments LP

Versor Investments LP cut its holdings in Permian Resources Co. (NYSE:PR) by 72.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,600 shares of the company’s stock after selling 86,900 shares during the quarter. Versor Investments LP’s holdings in Permian Resources were worth $444,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in PR. Vanguard Group Inc. lifted its holdings in shares of Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after purchasing an additional 5,432,654 shares during the period. Price T Rowe Associates Inc. MD raised its position in Permian Resources by 480.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after buying an additional 5,012,287 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Permian Resources by 59.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after acquiring an additional 4,497,184 shares during the period. Merewether Investment Management LP boosted its holdings in shares of Permian Resources by 148.1% in the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after acquiring an additional 3,522,300 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its stake in shares of Permian Resources by 16,359.8% during the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after acquiring an additional 3,451,923 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Up 1.3 %

PR stock opened at $15.18 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company’s 50 day simple moving average is $14.00 and its 200-day simple moving average is $15.03. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The firm has a market capitalization of $12.18 billion, a PE ratio of 9.20, a P/E/G ratio of 0.91 and a beta of 4.34.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. Permian Resources’s quarterly revenue was up 60.3% on a year-over-year basis. Equities analysts expect that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be paid a $0.15 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.95%. Permian Resources’s payout ratio is presently 14.55%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 5.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lowered their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Truist Financial upped their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Citigroup reduced their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. UBS Group lowered their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, Piper Sandler reduced their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $18.87.

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.