Permian Resources Co. (NYSE:PR) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC lowered its position in shares of Permian Resources Co. (NYSE:PR) by 0.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 444,906 shares of the company’s stock after selling 3,866 shares during the period. Rafferty Asset Management LLC’s holdings in Permian Resources were worth $6,398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kingsview Wealth Management LLC purchased a new position in shares of Permian Resources during the 4th quarter worth approximately $632,000. Charles Schwab Investment Management Inc. boosted its position in shares of Permian Resources by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company’s stock worth $62,407,000 after purchasing an additional 176,320 shares during the period. New York State Teachers Retirement System boosted its position in shares of Permian Resources by 36.9% during the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock worth $3,881,000 after purchasing an additional 72,726 shares during the period. Perpetual Ltd purchased a new position in shares of Permian Resources during the 4th quarter worth approximately $27,104,000. Finally, Channing Capital Management LLC boosted its position in shares of Permian Resources by 286.1% during the 4th quarter. Channing Capital Management LLC now owns 620,138 shares of the company’s stock worth $8,918,000 after purchasing an additional 459,516 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In related news, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total transaction of $58,058.50. Following the sale, the chief financial officer now directly owns 130,467 shares in the company, valued at $1,825,233.33. This trade represents a 3.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn purchased 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 9,685 shares of company stock valued at $135,687. Insiders own 6.44% of the company’s stock.

Permian Resources Price Performance

Permian Resources stock opened at $13.50 on Friday. The stock has a market cap of $10.84 billion, a P/E ratio of 8.18, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The company has a fifty day simple moving average of $12.58 and a 200-day simple moving average of $13.90. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $16.95. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the firm posted $0.25 earnings per share. Equities analysts expect that Permian Resources Co. will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.45%. Permian Resources’s dividend payout ratio (DPR) is currently 37.04%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PR. Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Morgan Stanley lowered 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. Bank of America lowered their price objective 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. Williams Trading set a $19.00 price target on shares of Permian Resources in a research report on Wednesday, March 5th. Finally, Susquehanna decreased their price target on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average price target of $18.33.

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.