River Road Asset Management LLC Lowers Position in Permian Resources Corporation $PR

River Road Asset Management LLC decreased its stake in shares of Permian Resources Corporation (NYSE:PR) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,681,795 shares of the company’s stock after selling 73,320 shares during the quarter. River Road Asset Management LLC owned about 0.56% of Permian Resources worth $65,686,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PR. Los Angeles Capital Management LLC purchased a new stake in Permian Resources in the 4th quarter worth $39,000. State of Wyoming boosted its holdings in shares of Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Permian Resources during the fourth quarter valued at about $60,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of Permian Resources by 126.1% in the fourth quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock worth $62,000 after purchasing an additional 2,477 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president directly owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on PR. Zacks Research downgraded Permian Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. Piper Sandler raised their price target on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. Wells Fargo & Company set a $26.00 price objective on Permian Resources in a research note on Monday, May 25th. Citigroup upped their price objective on Permian Resources from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, March 31st. Finally, BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 7th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $23.00.

Permian Resources Stock Performance

Permian Resources stock opened at $18.45 on Friday. The company’s 50-day moving average price is $20.11 and its 200-day moving average price is $17.89. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market cap of $15.45 billion, a PE ratio of 21.46 and a beta of 0.48. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $22.67.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 EPS. On average, equities research analysts forecast that Permian Resources Corporation will post 2.01 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. Permian Resources’s dividend payout ratio is 74.42%.

About Permian Resources

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.