Alliancebernstein L.P. Sells 7,108,669 Shares of Permian Resources Co. (NYSE:PR)

Alliancebernstein L.P. trimmed its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 87.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,057,474 shares of the company's stock after selling 7,108,669 shares during the quarter. Alliancebernstein L.P. owned 0.13% of Permian Resources worth $15,206,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Captrust Financial Advisors raised its position in Permian Resources by 6.1% in the 3rd quarter. Captrust Financial Advisors now owns 41,942 shares of the company's stock valued at $571,000 after buying an additional 2,397 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Permian Resources by 5.1% in the third quarter. Janus Henderson Group PLC now owns 228,597 shares of the company's stock valued at $3,110,000 after acquiring an additional 11,000 shares during the last quarter. IHT Wealth Management LLC bought a new position in shares of Permian Resources in the 3rd quarter valued at about $329,000. Quarry LP raised its holdings in shares of Permian Resources by 545.2% in the 3rd quarter. Quarry LP now owns 4,723 shares of the company's stock valued at $64,000 after purchasing an additional 3,991 shares during the period. Finally, Quantinno Capital Management LP acquired a new stake in Permian Resources in the 3rd quarter valued at about $211,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on PR shares. Morgan Stanley cut their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Bank of America dropped their price objective on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research report on Tuesday, April 1st. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and increased their price target for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. Williams Trading set a $19.00 price objective on Permian Resources in a report on Wednesday, March 5th. Finally, Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. One investment 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, the company currently has an average rating of "Moderate Buy" and an average price target of $18.80.

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Permian Resources Price Performance

Shares of PR stock traded down $0.04 on Monday, reaching $11.00. The company had a trading volume of 806,877 shares, compared to its average volume of 9,596,761. The business's 50-day moving average is $13.33 and its 200 day moving average is $14.20. The stock has a market capitalization of $8.84 billion, a PE ratio of 6.67, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a one year low of $10.01 and a one year high of $18.06.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 5.46%. Permian Resources's dividend payout ratio is presently 41.96%.

Insider Transactions at Permian Resources

In other Permian Resources news, Director William J. Quinn purchased 500,000 shares of the company's stock in a transaction on Monday, March 3rd. The shares were purchased at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the purchase, the director now owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the sale, the chief accounting officer now directly owns 58,668 shares of the company's stock, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,685 shares of company stock worth $135,687. Insiders own 12.80% of the company's stock.

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.