River Road Asset Management LLC Reduces Holdings in Permian Resources Corporation $PR

River Road Asset Management LLC decreased its position in shares of Permian Resources Corporation (NYSE:PR) by 1.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,681,795 shares of the company’s stock after selling 73,320 shares during the period. River Road Asset Management LLC’s holdings in Permian Resources were worth $65,686,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its holdings in shares of Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after acquiring an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after purchasing an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after purchasing an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares during the period. Finally, Marshall Wace LLP raised its position in Permian Resources by 21.3% in the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock worth $1,274,000 after purchasing an additional 16,443 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PR. Truist Financial raised their price objective on shares of Permian Resources from $24.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Royal Bank Of Canada upped their target price on Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Wells Fargo & Company set a $26.00 price target on Permian Resources in a report on Monday, May 25th. Mizuho raised their price target on Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Raymond James Financial dropped their price objective on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $23.00.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 5.00% of the company’s stock.

Permian Resources Trading Down 0.6%

PR stock opened at $18.45 on Friday. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The firm’s 50-day moving average is $20.11 and its 200 day moving average is $17.89. The company has a market capitalization of $15.45 billion, a PE ratio of 21.46 and a beta of 0.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company earned $0.44 EPS. On average, research analysts anticipate that Permian Resources Corporation will post 2.01 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s payout ratio is currently 74.42%.

Permian Resources Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.