Pitcairn Co. Has $214,000 Stock Position in Permian Resources Co. (NYSE:PR)

Pitcairn Co. reduced its position in shares of Permian Resources Co. (NYSE:PR) by 21.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,722 shares of the company’s stock after selling 4,304 shares during the quarter. Pitcairn Co.’s holdings in Permian Resources were worth $214,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Lazard Asset Management LLC lifted its stake in Permian Resources by 21.8% in the first quarter. Lazard Asset Management LLC now owns 18,322 shares of the company’s stock valued at $323,000 after acquiring an additional 3,279 shares during the last quarter. Janus Henderson Group PLC grew its stake in Permian Resources by 88.3% in the 1st quarter. Janus Henderson Group PLC now owns 330,382 shares of the company’s stock valued at $5,833,000 after buying an additional 154,907 shares during the last quarter. California State Teachers Retirement System raised its holdings in Permian Resources by 11.2% in the 1st quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock worth $7,693,000 after acquiring an additional 43,901 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in Permian Resources by 1.8% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 125,100 shares of the company’s stock worth $2,209,000 after acquiring an additional 2,200 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Permian Resources by 143.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 5,893 shares of the company’s stock valued at $101,000 after acquiring an additional 3,468 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PR has been the topic of a number of recent analyst reports. Citigroup dropped their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Benchmark cut their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Mizuho reduced their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Wells Fargo & Company dropped their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Finally, Piper Sandler lifted their target price on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.93.

Insider Activity

In other news, EVP John Charles Bell sold 4,821 shares of Permian Resources 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 sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 5.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s 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 transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Trading Down 0.4 %

Shares of Permian Resources stock opened at $15.57 on Thursday. The stock has a market capitalization of $12.51 billion, a P/E ratio of 9.44, a price-to-earnings-growth ratio of 0.94 and a beta of 4.34. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a 50-day simple moving average of $14.35 and a 200 day simple moving average of $14.92.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is presently 36.36%.

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.