Oak Ridge Investments LLC Sells 56,012 Shares of Permian Resources Corporation $PR

Oak Ridge Investments LLC decreased its stake in shares of Permian Resources Corporation (NYSE:PR) by 33.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 111,190 shares of the company’s stock after selling 56,012 shares during the period. Oak Ridge Investments LLC’s holdings in Permian Resources were worth $1,560,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Boston Partners lifted its holdings in Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after buying an additional 7,503,654 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Permian Resources by 10.4% during the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after buying an additional 6,705,644 shares in the last quarter. Millennium Management LLC lifted its holdings in Permian Resources by 210.6% during the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after buying an additional 6,678,814 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after buying an additional 4,691,280 shares in the last quarter. Finally, Merewether Investment Management LP lifted its holdings in Permian Resources by 63.5% during the 3rd quarter. Merewether Investment Management LP now owns 8,836,137 shares of the company’s stock valued at $113,103,000 after buying an additional 3,431,900 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 0.6%

PR stock opened at $20.54 on Tuesday. The firm has a 50 day moving average of $19.02 and a 200 day moving average of $15.59. The stock has a market capitalization of $17.17 billion, a PE ratio of 16.43, a price-to-earnings-growth ratio of 2.85 and a beta of 0.56. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 52 week low of $10.86 and a 52 week high of $21.99.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. Sell-side analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were issued a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. Permian Resources’s payout ratio is currently 51.20%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Raymond James Financial reiterated a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a report on Thursday, February 26th. Truist Financial assumed coverage on shares of Permian Resources in a report on Tuesday, March 24th. They set a “buy” rating and a $24.00 price objective for the company. TD Cowen lifted their price objective on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Roth Mkm reissued a “neutral” rating and set a $22.00 target price (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. Finally, The Goldman Sachs Group raised their target price on shares of Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Six investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $22.06.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn sold 512,429 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the sale, the director owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. This represents a 6.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Aron Marquez sold 7,750 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total transaction of $152,055.00. Following the sale, the director owned 72,218 shares in the company, valued at $1,416,917.16. The trade was a 9.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,130,066 shares of company stock valued at $58,837,655 in the last three months. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.