Man Group plc Decreases Stock Holdings in Permian Resources Co. (NYSE:PR)

Man Group plc trimmed its position in shares of Permian Resources Co. (NYSE:PR) by 22.5% during the 4th quarter, Holdings Channel reports. The fund owned 1,517,595 shares of the company’s stock after selling 440,869 shares during the period. Man Group plc’s holdings in Permian Resources were worth $21,823,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources during the 4th quarter valued at $431,676,000. Price T Rowe Associates Inc. MD raised its holdings in Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after buying an additional 12,306,854 shares during the period. Dimensional Fund Advisors LP raised its holdings in Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock valued at $169,864,000 after buying an additional 4,236,141 shares during the period. Freestone Grove Partners LP purchased a new stake in Permian Resources during the 4th quarter valued at $57,114,000. Finally, Invesco Ltd. raised its holdings in Permian Resources by 56.1% during the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company’s stock valued at $113,900,000 after buying an additional 2,845,449 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Permian Resources

In other news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. This represents a 4.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J. Quinn purchased 500,000 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Royal Bank of Canada increased their price target on Permian Resources from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday. The Goldman Sachs Group increased their price target on Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. decreased their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Bank of America reduced their target price on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, April 1st. Finally, Susquehanna reduced their target price on Permian Resources from $20.00 to $19.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.33.

Permian Resources Price Performance

PR opened at $13.50 on Friday. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $16.95. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The business’s fifty day simple moving average is $12.58 and its 200-day simple moving average is $13.90. The company has a market capitalization of $10.84 billion, a price-to-earnings ratio of 8.18, a PEG ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the company posted $0.25 EPS. Permian Resources’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities research analysts anticipate that Permian Resources Co. will post 1.45 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

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

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.