Quantbot Technologies LP Has $2.93 Million Position in Permian Resources Co. (NYSE:PR)

Quantbot Technologies LP lowered its holdings in Permian Resources Co. (NYSE:PR) by 61.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 215,431 shares of the company’s stock after selling 343,148 shares during the quarter. Quantbot Technologies LP’s holdings in Permian Resources were worth $2,932,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Bank of New York Mellon Corp boosted its holdings in Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after acquiring an additional 4,497,184 shares during the last quarter. Merewether Investment Management LP boosted its holdings in Permian Resources by 148.1% during the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after acquiring an additional 3,522,300 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Permian Resources by 16,359.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after acquiring an additional 3,451,923 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after acquiring an additional 1,555,884 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after acquiring an additional 1,543,854 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Trading Down 0.4 %

Shares of Permian Resources stock opened at $15.57 on Thursday. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28. The stock’s 50-day simple moving average is $14.35 and its 200 day simple moving average is $14.92. The stock has a market capitalization of $12.51 billion, a P/E ratio of 9.44, a P/E/G ratio of 0.94 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the business posted $0.36 earnings per share. The company’s revenue was up 60.3% on a year-over-year basis. As a group, research analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 3.85%. Permian Resources’s dividend payout ratio is currently 36.36%.

Analyst Upgrades and Downgrades

PR has been the topic of a number of analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Truist Financial boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Susquehanna cut their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Piper Sandler boosted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company cut their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average target price of $18.93.

Insider Activity

In related news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

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.