Permian Resources Co. (NASDAQ:PR) Shares Sold by Jennison Associates LLC

Jennison Associates LLC reduced its position in Permian Resources Co. (NASDAQ:PR) by 41.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 3,207,627 shares of the company’s stock after selling 2,281,552 shares during the quarter. Jennison Associates LLC owned about 0.41% of Permian Resources worth $43,624,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Arizona State Retirement System grew its stake in shares of Permian Resources by 1.5% during the 3rd quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock worth $999,000 after purchasing an additional 1,041 shares during the period. Orion Portfolio Solutions LLC grew its stake in Permian Resources by 2.1% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 62,816 shares of the company’s stock valued at $877,000 after acquiring an additional 1,275 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Permian Resources by 6.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 34,491 shares of the company’s stock valued at $481,000 after acquiring an additional 1,981 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Permian Resources by 6.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock valued at $471,000 after acquiring an additional 2,063 shares during the last quarter. Finally, Advisor Partners II LLC grew its stake in Permian Resources by 2.2% in the 3rd quarter. Advisor Partners II LLC now owns 102,155 shares of the company’s stock valued at $1,426,000 after acquiring an additional 2,219 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Truist Financial increased their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Monday. Susquehanna upped their target price on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday. Stifel Nicolaus upped their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Wells Fargo & Company upped their target price on shares of Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Finally, Piper Sandler upped their target price on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

Insider Buying and Selling

In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the sale, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock worth $516,796,999 over the last ninety days. 23.14% of the stock is owned by insiders.

Permian Resources Trading Up 0.1 %

NASDAQ PR opened at $17.19 on Wednesday. Permian Resources Co. has a one year low of $8.94 and a one year high of $18.28. The company’s 50 day moving average price is $16.51 and its 200 day moving average price is $14.63. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a market capitalization of $13.27 billion, a price-to-earnings ratio of 13.01 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. On average, sell-side analysts predict that Permian Resources Co. will post 1.72 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.16%. The ex-dividend date was Tuesday, March 12th. 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.