River Road Asset Management LLC Lowers Stock Holdings in Permian Resources Co. (NASDAQ:PR)

River Road Asset Management LLC trimmed its position in shares of Permian Resources Co. (NASDAQ:PR) by 0.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,600,184 shares of the company’s stock after selling 47,226 shares during the period. Permian Resources accounts for 1.4% of River Road Asset Management LLC’s holdings, making the stock its 18th largest position. River Road Asset Management LLC’s holdings in Permian Resources were worth $103,363,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PR. Avior Wealth Management LLC boosted its stake in shares of Permian Resources by 23.1% in the 4th quarter. Avior Wealth Management LLC now owns 33,950 shares of the company’s stock valued at $462,000 after buying an additional 6,379 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Permian Resources by 110.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,089 shares of the company’s stock valued at $1,565,000 after buying an additional 60,474 shares during the period. Strs Ohio boosted its stake in shares of Permian Resources by 20.5% in the 4th quarter. Strs Ohio now owns 61,800 shares of the company’s stock valued at $840,000 after buying an additional 10,500 shares during the period. Phocas Financial Corp. purchased a new position in shares of Permian Resources in the 4th quarter valued at about $9,067,000. Finally, Louisiana State Employees Retirement System purchased a new position in shares of Permian Resources in the 4th quarter valued at about $1,587,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

In other Permian Resources news, CEO William M. Hickey III sold 4,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $62,840,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the sale, the director now directly owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William M. Hickey III sold 4,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $62,840,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock worth $516,796,999 over the last three months. 23.14% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Friday, April 12th. Benchmark raised their target price on Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Truist Financial cut their target price on Permian Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Citigroup raised their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Finally, JPMorgan Chase & Co. raised their target price on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Permian Resources Stock Performance

Shares of NASDAQ:PR traded down $0.07 during trading on Wednesday, reaching $17.54. The company had a trading volume of 6,915,279 shares, compared to its average volume of 9,537,326. The firm has a market capitalization of $13.54 billion, a price-to-earnings ratio of 15.09 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The stock’s fifty day moving average price is $16.15 and its 200 day moving average price is $14.48. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. As a group, equities research analysts predict that Permian Resources Co. will post 1.69 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.14%. Permian Resources’s dividend payout ratio (DPR) is presently 17.24%.

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.