Permian Resources Co. (NYSE:PR) Shares Sold by Merewether Investment Management LP

Merewether Investment Management LP reduced its position in shares of Permian Resources Co. (NYSE:PR) by 20.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,689,349 shares of the company’s stock after selling 1,211,100 shares during the period. Permian Resources comprises about 2.9% of Merewether Investment Management LP’s holdings, making the stock its 14th largest holding. Merewether Investment Management LP’s holdings in Permian Resources were worth $63,822,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in 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 valued at $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in Permian Resources by 16,359.8% in the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock valued at $56,089,000 after acquiring an additional 3,451,923 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after acquiring an additional 1,555,884 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after acquiring an additional 1,543,854 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC increased its position in shares of Permian Resources by 271.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 1,858,530 shares of the company’s stock valued at $30,015,000 after purchasing an additional 1,358,194 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

NYSE:PR opened at $15.58 on Wednesday. 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 firm has a market cap of $12.52 billion, a PE ratio of 9.44, a P/E/G ratio of 0.92 and a beta of 4.35. The firm has a 50 day simple moving average of $14.48 and a 200-day simple moving average of $14.89. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28.

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

Permian Resources Increases Dividend

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

Analyst Upgrades and Downgrades

PR has been the subject of a number of analyst reports. UBS Group lowered their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. The Goldman Sachs Group started coverage on shares of Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Mizuho reduced their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Benchmark dropped their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, Citigroup reduced their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.93.

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.