Rafferty Asset Management LLC Lowers Holdings in Permian Resources Co. (NYSE:PR)

Rafferty Asset Management LLC trimmed its holdings in Permian Resources Co. (NYSE:PR) by 0.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 444,906 shares of the company’s stock after selling 3,866 shares during the quarter. Rafferty Asset Management LLC owned 0.06% of Permian Resources worth $6,398,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock valued at $2,021,000 after purchasing an additional 662 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Permian Resources by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after acquiring an additional 700 shares in the last quarter. CIBC Asset Management Inc boosted its stake in shares of Permian Resources by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock worth $226,000 after acquiring an additional 805 shares in the last quarter. Principal Securities Inc. boosted its stake in shares of Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Permian Resources by 0.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company’s stock worth $1,862,000 after acquiring an additional 900 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Royal Bank of Canada increased their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday. Susquehanna lowered their target price on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Morgan Stanley lowered their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.33.

Permian Resources Trading Down 0.4%

Shares of Permian Resources stock opened at $13.50 on Friday. The firm has a market capitalization of $10.84 billion, a PE ratio of 8.18, a P/E/G ratio of 4.05 and a beta of 1.20. Permian Resources Co. has a twelve month low of $10.01 and a twelve month high of $16.95. The firm’s 50-day moving average price is $12.58 and its 200 day moving average price is $13.90. 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 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 EPS. On average, sell-side analysts predict that Permian Resources Co. will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.15 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.45%. Permian Resources’s payout ratio is 37.04%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. This represents a 3.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Quinn purchased 500,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 9,685 shares of company stock worth $135,687. Insiders own 6.44% of the company’s stock.

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.