William Blair Investment Management LLC Has $212,000 Stock Position in Permian Resources Corporation $PR

William Blair Investment Management LLC trimmed its stake in shares of Permian Resources Corporation (NYSE:PR) by 33.6% during the second quarter, Holdings Channel reports. The firm owned 15,575 shares of the company’s stock after selling 7,895 shares during the period. William Blair Investment Management LLC’s holdings in Permian Resources were worth $212,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in PR. Wealth Enhancement Advisory Services LLC boosted its holdings in Permian Resources by 21.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 179,769 shares of the company’s stock valued at $2,490,000 after purchasing an additional 31,812 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in Permian Resources by 12.4% during the first quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company’s stock valued at $444,000 after purchasing an additional 3,547 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Permian Resources by 26.8% during the first quarter. QRG Capital Management Inc. now owns 17,263 shares of the company’s stock valued at $239,000 after purchasing an additional 3,651 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Permian Resources by 3.3% during the first quarter. State of Alaska Department of Revenue now owns 74,965 shares of the company’s stock valued at $1,038,000 after purchasing an additional 2,410 shares in the last quarter. Finally, Retirement Systems of Alabama raised its stake in shares of Permian Resources by 0.6% in the first quarter. Retirement Systems of Alabama now owns 778,578 shares of the company’s stock valued at $10,783,000 after acquiring an additional 4,788 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the sale, the executive vice president owned 91,805 shares of the company’s stock, valued at $1,305,467.10. The trade was a 4.91% decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

PR has been the subject of a number of research analyst reports. Susquehanna lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a research note on Wednesday, July 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Permian Resources in a research note on Wednesday, October 8th. Wells Fargo & Company cut their target price on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday. Piper Sandler lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Thursday, July 17th. Finally, Wall Street Zen cut shares of Permian Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Permian Resources has an average rating of “Buy” and a consensus price target of $18.67.

Permian Resources Stock Performance

PR stock opened at $12.34 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The company has a 50 day moving average price of $13.35 and a 200 day moving average price of $13.21. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The stock has a market capitalization of $9.88 billion, a PE ratio of 8.01 and a beta of 1.32.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the company posted $0.39 EPS. Permian Resources’s revenue was down 3.9% on a year-over-year basis. Analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.9%. Permian Resources’s payout ratio is presently 38.96%.

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.