Fisher Asset Management LLC Sells 66,546 Shares of Permian Resources Co. (NYSE:PR)

Fisher Asset Management LLC lowered its position in Permian Resources Co. (NYSE:PR - Free Report) by 52.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,892 shares of the company's stock after selling 66,546 shares during the period. Fisher Asset Management LLC's holdings in Permian Resources were worth $815,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA grew 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. Bank of New York Mellon Corp grew its stake in shares of Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock valued at $194,585,000 after purchasing an additional 4,497,184 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock valued at $147,107,000 after purchasing an additional 1,555,884 shares in the last quarter. Jennison Associates LLC raised its position in Permian Resources by 14.5% in the 3rd quarter. Jennison Associates LLC now owns 7,647,329 shares of the company's stock worth $104,080,000 after purchasing an additional 966,940 shares during the last quarter. Finally, Merewether Investment Management LP raised its position in Permian Resources by 148.1% in the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock worth $95,292,000 after purchasing an additional 3,522,300 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company's stock.

Permian Resources Stock Up 0.4 %

Shares of NYSE PR traded up $0.07 during mid-day trading on Friday, reaching $15.66. 2,105,405 shares of the company's stock were exchanged, compared to its average volume of 9,986,091. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $14.45 and a 200 day simple moving average of $14.92. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28. The firm has a market capitalization of $12.58 billion, a price-to-earnings ratio of 9.49, a PEG ratio of 0.94 and a beta of 4.34.

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

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 3.83%. Permian Resources's dividend payout ratio is presently 36.36%.

Analyst Upgrades and Downgrades

PR has been the topic of a number of recent research reports. Piper Sandler increased their price objective on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. Susquehanna decreased their price target on Permian Resources from $16.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday, September 4th. Truist Financial boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, November 8th. UBS Group reduced their target price on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a research note on Wednesday, September 18th. Finally, Citigroup dropped their price target on shares of Permian Resources from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.93.

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.