Permian Resources Co. (NYSE:PR) Stock Position Reduced by Summit Global Investments

Summit Global Investments trimmed its position in Permian Resources Co. (NYSE:PR) by 48.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,806 shares of the company’s stock after selling 59,368 shares during the quarter. Summit Global Investments’ holdings in Permian Resources were worth $855,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PR. American International Group Inc. raised its holdings in shares of Permian Resources by 10.4% during the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock worth $14,665,000 after purchasing an additional 78,146 shares during the period. Castleark Management LLC grew its holdings in shares of Permian Resources by 370.0% during the first quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock valued at $1,698,000 after purchasing an additional 75,700 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Permian Resources by 11.2% during the 1st quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock worth $7,693,000 after purchasing an additional 43,901 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Permian Resources by 88.3% in the 1st quarter. Janus Henderson Group PLC now owns 330,382 shares of the company’s stock worth $5,833,000 after purchasing an additional 154,907 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its position in Permian Resources by 47.2% during the 1st quarter. 1832 Asset Management L.P. now owns 1,322,381 shares of the company’s stock valued at $23,353,000 after purchasing an additional 423,824 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on PR. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Citigroup cut their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Wells Fargo & Company decreased their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Susquehanna cut their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Finally, Wolfe Research assumed coverage on Permian Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Two equities research 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’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.87.

Permian Resources Price Performance

Shares of NYSE PR opened at $14.92 on Friday. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average of $13.89 and a two-hundred day moving average of $15.08. The company has a market capitalization of $11.97 billion, a price-to-earnings ratio of 9.04, a PEG ratio of 0.88 and a beta of 4.34.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.43%. The business’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 earnings per share. As a group, analysts expect that Permian Resources Co. will post 1.46 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 4.02%. Permian Resources’s dividend payout ratio (DPR) is currently 14.55%.

Insider Buying and Selling

In related 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 value of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

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.